The 2023-24 budget will raise costs of goods with tax rate/duty changes. Mobile phones, jewellery, daily use items impacted. New income tax rebates will affect demand.
Finance Minister Nirmala Sitharaman has announced an increase in custom duty on cigarettes making it costlier by 16%
Gold, silver and diamond jewellery will also get expensive.
The customs duty on kitchen electric hoods has been raised from 7.5% to 15%
The basic import tax on compounded rubber has been raised from 10% to 25%.
Customs duty on silver has been increased to bring it to par with gold and platinum.
The customs tax on components of open cells in television panels has been reduced to 2.5%
Customs duty for camera lenses has been proposed to be reduced to 2.5 percent.
Commonly used in pest control, disinfectant etc. basic customs duty on denatured ethyl alcohol has been exempted.
The government has proposed to reduce customs duty on shrimp feed to promote exports.
Customs duty has been lowered on the import of certain inputs for mobile phone manufacturing.