Budget 2023-24: Here’s what will cost more, what gets cheaper

From imported cars to jewellery to cigarettes to toys, Finance Minister Nirmala Sitharaman on Wednesday announced a slew of customs duty hikes in the Budget 2023-24 which will make several products costlier from the next fiscal onward.

The government at the same time has announced cut down on custom duties on certain products including Lithium ion batteries, a key component in the manufacture of Electric Vehicles and parts of TV panels to give a nudge to its Make In India initiative. Here’s a brief look at what will cost more and what gets cheaper:

WHAT WILL GET COSTLIER?

Gold, platinum, silver

Basic customs duty on silver in both dore and semi-manufactured form has been increased to 10 per cent from 6.1 per cent.

Basic customs duty on articles made from gold bars have also been hiked.

Fully imported cars including EVs

Customs duty will go up from 60 per cent to 70 per cent.

Vehicles in semi-knocked down form

Customs duty will go up from 30 per cent to 35 per cent.

Bicycles

Customs duty up from 30 per cent to 35 per cent.

Toys and toy parts

Customs duty will go up from 60 per cent to 70 per cent.

Compounded rubber prices

Basic customs duty increased from 10 per cent to 25 per cent.

Experts have called it a challenge for the tyre industry which significantly relies on imported rubber.

Cigarettes

16 per cent surge in National Calamity Contingent Duty.

Imported electric kitchen chimney

Imported taxes raised from 7.5 per cent to 15 per cent.

WHAT WILL GET CHEAPER?

Camera lenses for phones, laptops and DSLRs will cost less now due to relief in customs duty.

Denatured ethyl alcohol – exempted from basic custom duty.

Parts of TV panels – basic customs duty slashed to 2.5 per cent.

Lithium ion batteries

Seeds used in manufacture of diamonds

Pecan nuts – Customs duty down from 100 per cent to 30 per cent.

Acid-grade Fluorspar – Basic custom duty on fluorspar containing more than 97 per cent of calcium fluoride will be reduced from 5 per cent to 2.5 per cent.

Crude glycerin – used in manufacture of epicholorhydrin; basic customs duty lowered from 7.5 per cent to 2.5 per cent.

Shrimp feed – Duty reduced from key inputs for its domestic manufacture.

Heat coil – Customs duty on heat coil for manufacture of electric kitchen chimneys has been reduced from 20 per cent to 15 per cent.

Also read: Budget offers bounty, but with subtly placed caveats

Also read: Budget 2023: Fully imported cars, including EVs, to cost more

Also read: Budget 2023-24: Centre hurtles along infra track with 33% capex hike