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New Delhi: The price of some of the things are set to increase from April 1, 2023 as the Centre is planning import duty hikes to promote local manufacturing. The list of items that could become more expensive from next month includes private jets, helicopters, high-end electronic items, plastic goods, jewellery, high-gloss paper and vitamins. As per the announcement made by Finance Minister Nirmala Sitharaman during Union Budget 2023, things like camera lenses and mobile phones will become cheaper, while goods such as electric kitchen chimneys and articles of gold and platinum will become costlier from April 1.
The things that will become cheaper include camera lenses, lab-grown diamonds, cellular mobile phones, machinery for lithium-ion batteries and raw materials for the EV industry.
During the Budget presentation, the Centre decided to reduce the custom duties on clothes, frozen mussels, frozen squids, asafoetida, cocoa beans. Apart from this, the Centre also reduced custom duties on methyl alcohol, acetic acid, cut and polished diamonds, chemicals needed for petroleum products, camera lenses for cellular mobile phones.
Apart from this, the Centre also increased import tariffs on a number of goods in the last budget and the decision to hike import tariffs came in line with the government’s goal to stitch up a long-term growth strategy while focusing on fiscal prudence.
According to FM Sitharaman, the customs duty on kitchen electric chimney increased to 15% from 7.5%. She said the Centre also reduced basic customs duty on seeds used in manufacturing of lab-grown diamonds.
She said the Centre will reduce customs duty on shrimp feed to promote exports and the Centre will continue with concessional basic customs duty of 2.5 pc on copper scrap.
Apart from this, the Centre has also decided to make some of things cheaper which will be effective from April 1, 2023. Some of such things include toys, bicycles, TVs and mobile phones. Check the full list below:
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