Here is a list of products that are set to get cheaper and those that are going to get more expensive as a result of the announcements made by Finance Minister Nirmala Sitharaman at the Union Budget 2022.
Items That Will Become Cheaper
This is the TL;DR version:
Gemstones and diamonds
Mobile phones and mobile phone parts
Domestic electronic wearable devices
Electronic smart meters
And here are the details:
Cut and polished diamonds: Customs duty on cut and polished diamonds and gemstones is being reduced to 5 percent. A simply sawn diamond will attract nil customs duty.
Mobile phone parts: Duty concessions will be given to the transformer of mobile phone chargers, the camera lens of the mobile camera module, and certain other items.
Wearables and hearables: Customs duty rates are being calibrated to provide a graded rate structure to facilitate domestic manufacturing of wearable devices, hearable devices, and 28 electronic smart meters.
Steel scrap: The customs duty exemption given to steel scrap last year is being extended for another year to provide relief to MSME secondary steel producers.
Items That Will Become Costlier
All imported items
Umbrellas - Duty on umbrellas is being raised to 20 percent. The exemption to parts of umbrellas is being withdrawn.
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