As proposed by Sitharaman, a large number of commonly used items, including mobile phones and chargers, are set to become cheaper.
Custom duty on cut and polished diamonds and gemstones have been reduced to 5 per cent. The FM also proposed to phase out more than 350 customs duty exemptions over time.
Also read: Budget 2022 analysis by The Federal: Live discussion with experts
Sitharaman announced an extension of the exemption on implements and tools for the agriculture sector manufactured in India.
CHEAPER
Clothes
Gem stones and diamonds
Imitation jewellery
Mobile phones
Mobile phone chargers
Custom duties on chemicals needed for petroleum products
Custom duties on certain chemicals, including methanol
Concessional customs duty on steel scrap extended for 1 year
COSTLIER
All imported items
Digital assets that are transferred to be taxed
Duty on umbrellas