Finance Minister Nirmala Sitharaman presented the General Budget 2022-23 amid the third wave of the Corona epidemic. In this budget, the government has been focused on making the country self-reliant in the field of electronics. In the budget, the import duty has been increased on some products, due to which these products have become expensive. The government has also reduced import duty on some products. In such a situation, there will be a question in your mind that how much effect will this budget have on your pocket? So let’s know what was expensive and what became cheap in the budget?
The Finance Minister has announced concession in custom duty to promote domestic manufacturing of mobile phone chargers, mobile phone camera lenses, transformers. Due to the cheapness of mobile parts, mobiles are also expected to be cheap. To give a boost to the jewelry industry as well, the government has reduced the customs duty on gems with cut and polished diamonds to 5%. At the same time, there will be no custom duty on Simply Sound Diamond. Talking about the expensive things, the government has increased the duty on umbrellas to 20%. That is, imported umbrellas will become expensive.
The budget does not affect many products
There aren’t many things that have an impact. Actually, now the GST decides the price of 90% of the things, but the effect of import duty remains on the goods imported from abroad and it is announced in the budget. Therefore, the budget announcements have an effect on the price of things like petrol, diesel, LPG, CNG, and imported products like liquor, leather, gold and silver, electronic products, mobiles, chemicals, vehicles. On these, the government increases or decreases the import duty. Excise is also imposed on some.
What is Import Duty?
Import duty is a tax that is levied on goods imported from another country. How much import duty will be charged, depends on the price of the goods as well as which country the goods belong to and many other things. Import duty is also called customs duty, tariff, import tax, or import tariff. Import duty has two purposes – to generate income for the government and to provide benefits in the market to locally produced goods.