Every year the Union Budget brings its share of increased taxes and concessions. Budget 2022 presented by Finance Minister Nirmala Sitharaman saw a spike in electronic products while food products saw a dip in custom duty.
The Union Budget 2022 reduced custom duty on polished diamonds and gemstones by 5%, while duties on multiple loudspeakers and x-ray machines went up. Mobile phone and chargers, camera lens of mobile, and chemicals such as methanol, acetic acid and heavy feedstocks for petroleum refining will also witness reduction in custom duty.
IMPORTED ITEMS GETTING COSTLIER
- All imported items
· Imitation Jewellery
· Single or multiple loudspeakers
· Headphones and earphones
· Smart meters
· Solar cells
· Solar modules
· X-ray machines
· Parts of electronic toys
· Umbrella (increased by 20%)
ITEMS GETTING CHEAPER
· Food Products (Frozen mussels, Frozen squids, Asafoetida, Cocoa beans)
· Methyl alcohol -Acetic acid
· Cut and polished diamonds(reduced by 5%)
· Camera lens for cellular mobile phone.
- Clothes
- Gemstones and diamonds
- Mobile phones
- Mobile phone chargers
- Camera lens for mobile phones
- Cocoa Beans
- Asafoetida
- Frozen mussels
- Frozen squids
- Acetic acid
