Union Budget 2023-24: What gets cheaper, costlier?

The Finance Minister announced a cut in customs duty on the import of certain inputs for mobile phone manufacturing. Also, customs duty on parts of open cells of TV panels would be cut to 2.5 per cent.

Hyderabad: Presenting the Union Budget 2023-24, Union Finance Minister Nirmala Sitharaman announced a hike in basic customs duty on articles made from gold bars. She further increased the tax on cigarettes by 16 per cent and reduced customs duty on shrimp feed to promote exports.

The Finance Minister announced a cut in customs duty on the import of certain inputs for mobile phone manufacturing. Also, customs duty on parts of open cells of TV panels would be cut to 2.5 per cent. Customs duty on kitchen electric chimneys increased to 15 per cent from 7.5 per cent. .

What gets cheaper?

• Customs duty on parts of open cells of TV panels cut to 2.5 per cent
• Government proposes to reduce customs duty on the import of certain inputs for mobile phone manufacturing
• Government to reduce basic customs duty on seeds used in the manufacturing of lab-grown diamonds
• Government to reduce customs duty on shrimp feed to promote exports

What gets costlier?

Taxes on cigarettes hiked by 16 per cent

The basic import duty on compounded rubber increased to 25 per cent from 10 per cent

Basic customs duty hiked on articles made from gold bars

Customs duty on kitchen electric chimney increased to 15 per cent from 7.5 per cent