Union Budget 2023: Union Finance Minister, Nirmala Sitaraman presented Budget 2023 on Wednesday. She announced to apply tax and customs duty on certain items. The government reduced the tax and custom duties on cars, smartphones, TVs and several other goods. On the other hand, the govt increased tax on nonessential items as well.
According to the media report, the rate of few non-essential materials would be hiked in this budget 2023. Private jets, helicopters, jewellery, high end electronic items, high gloss paper and vitamins are likely to get costlier in this fiscal year.
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Custom duty on cigarettes increased: FM Nirmala Sitharaman#UnionBudget2023
— ANI (@ANI) February 1, 2023
Dearer items
Single or multiple loudspeakers
Headphones and earphones
Umbrella
Imitation Jewellery
Solar cells
Solar modules
X-ray machines
Parts of electronic toys
Cheaper items
Clothes
Mobile phone chargers
Frozen mussels
Frozen squids
Cocoa beans
Methyl alcohol
Cut and polished diamonds
I propose to reduce the number of basic custom duty rates on goods other than textiles and agriculture, from 21 to 13. As a result, there are minor changes in the basic custom duties, cesses & surcharges on some items including toys, bicycles, automobiles: FM Nirmala Sitharaman pic.twitter.com/K5RFjacWlJ
— ANI (@ANI) February 1, 2023
Also Read :-BUDGET 2023: GOVT BRINGS ONE-TIME SMALL SAVINGS PLAN FOR WOMEN, OFFERS 7.5% RATE
According to the media reports, the Center’s subsidies for food and fertiliser would be reduced by $17 billion in the Union Budget 2023–24.
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