Budget 2023: List of what’s Cheaper & what became expensive post Budget
WRITTEN BY Aditi Shrivastava
Focusing on fostering employment and economic expansion, Budget 2023 made it to the parliament addressed by finance minister Nirmala Sitharaman.
Common used items
One of the major highlights of the budget is that the commonly used things such as Kitchen Chimney will become expensive as custom duty increases from 7.5% to 15%.
Seeds to become cheaper
Budget 2023 states that the Govt. has decided to reduce the basic custom duty on seeds especially those grown for manufacturing lab grown diamonds.
Boosting shrimp industry
The govt. Has decided to slack import duties on Shrimp broodstock and feed thus aid the aquaculture farmers by cutting the cost of production.
The government announced a 5% to 2.5% cut in import taxes on copper scrap in the previous budget session, which will remain the same in Budget 2023 as well.
The government wants to limit deductions from capital gains on investments in residential homes to a maximum of 10 crore.
Cigarettes to become expensive
Smoking is going to cost a lot as Custom Duty on Cigarettes has reportedly been increased.
Other than textiles and agriculture
As per the finance minister the basic custom duty will see minor changes in goods such as toys, automobiles etc other than textile and agriculture.
Compound rubber now carries a basic import charge of 25%, up from 10%.
union budget 2023: major takeaways