New Delhi: Finance Minister Nirmala Sita Raman on Tuesday presented her fourth general budget. During the budget speech, Sitharaman made a number of announcements for various sectors, but the common man’s greatest interest is to know what is going to increase the burden on his pocket and what relief he will get. So, let us know what is expensive and what is cheap?
At the end of his budget speech, the Finance Minister announced that from October 1, 2022, excise duty of Rs. 2 per liter would be imposed on fuel without ethanol mix in the country. The government has argued for the promotion of ethanol blends in the fuel. In this case, unadulterated petrol will become more expensive in the country from October 1.
The budget calls for making the country self-sufficient in electronics. The Finance Minister has announced a reduction in duty on mobile phone chargers, mobile phone camera lenses, transformers, etc. to promote domestic manufacturing.
Jewelry and ornaments will be cheaper.
To boost the jewelery industry, the government has announced a reduction of customs duty on cut and polished diamond jewelery to 5%. Simple gold diamonds will no longer be subject to customs duties.
To discourage the import of low cost artificial jewelery in the budget, the government has now increased the import duty on it to Rs 400 per kg. In the future, these jewelry can be expensive.
An umbrella that protects from getting wet in the rain will now be more expensive. The government has increased the tax on umbrellas to 20% in the budget. At the same time, the tax exemption on parts used for making umbrellas has also been abolished.
To provide relief to small and medium enterprises, the finance minister has extended the exemption from customs duty on steel scrap for one year in the budget. This will make it easier for manufacturers of scrap steel products in the MSME sector.