Union Budget 2023: What’s Cheaper, What’s Costlier? Here’s The Full List

By OB Bureau On Feb 1, 2023

New Delhi: Finance Minister Nirmala Sitharaman on Wednesday proposed some relief on import of certain parts of mobile phones, including camera lenses and lithium-ion cells, to further deepen domestic value addition in the sector which saw significant growth in the last financial year.

“The mobile phone production in India had increased from 5.8 crore units valued at about Rs 18,900 crore in 2014-15 to 31 crore units valued at over Rs 2,75,000 crore in the last financial year, as a result of various initiatives of the government, including the ‘Phased Manufacturing programme’,” she said.

Besides, television components will also become cheaper. The government would continue with concessional basic customs duty of 2.5 per cent on copper scrap, she said

Here’s the full list of items that got cheaper or costlier:

CHEAPER

>> Camera lenses of mobile phones

>> Lithium-ion batteries

>> Open cells of TV panels

>> Heat coils

>> Crude glycerin

>> Diamond seeds used in the manufacturing lab-grown diamonds to promote the diamond industry in India

>> Electric vehicles (EV), cycles, automobiles, and biogas

>> Denatured ethyl alcohol to support ethanol blending and energy transitions

>> Inputs for the domestic manufacturing of shrimp, which recorded the highest export growth in the last financial years and benefitted the farmers

Raw materials used in manufacturing CRGO steel, ferrous scrap, copper scraps and nickel cathode will become cheaper for promoting the industries.

COSTLIER

>> Platinum, gold, and silver articles with basic customs duty hiked on articles made from gold bars

>> Electric chimneys with customs duty increased to 15 from 75 per cent

>> Cigarettes with taxes hiked by 16 %

>> Compounded rubber with basic import duty increased to 25 from 10 per cent

Also Read: Union Budget 2023: People With Income Up To 7 Lakh To Pay No Income Tax [Watch]