It’s one of two times of the year, folks, when you care about your income tax. Finance Minister of India Nirmala Sitharaman presented the Union Budget for the year 2022-2023 on February 1, 2022. This year’s budget has quite a few schemes for uplifting women and children of India. The Union Budget also presented a list of commonly used items that are getting costlier and cheaper including clothes, jewellery, shoes, and many more which will help us set the shopping budget for 2022.
So let’s take a look at all the products that are all set to get cheaper and those that are going to get expensive after the announcements made by Finance Minister Nirmala Sitharaman at the Union Budget 2022.
According to the Union Budget, listening to music is no longer pocket-friendly as headphones, earphones, and loudspeakers will get costlier. Things including smart meters, solar cells and solar modules are also set to get more expensive due to the rise in customs duties on a few imported parts. Other things to see a price hike include unblended petrol and diesel will also see a price hike, so no relief for private vehicle owners. As per the budget, customs duty of minimum Rs. 400 per Kg is to be paid on imitation jewellery import. Also, it raised almost 20 per cent customs duty on umbrellas. Other things to get costlier include X-Ray Machines and parts of Electronic Toys.
As per the Union Budget, imported cut and polished diamonds, frozen mussels, frozen squids, asafoetida, cocoa beans, methyl alcohol and acetic acid, and clothes will become cheaper because of rationalisation in customs duties. There’s only 5 per cent customs duty on cut and polished diamonds while there’s no custom duty on the simply sawn diamonds. Meanwhile, there is no change in the import duty of gold. The Finance Minister of India announced concessions on customs duty on parts of the transformer of mobile phone chargers and camera lens of mobile camera module and other electronic items. The government is also planning to reduce customs duty on chemicals which includes methanol, and acetic acid. There’s also some exemption on customs duty to steel scrap like last year. Other items to get cheaper include embellishments, trimming, fasteners, buttons, zipper, lining material, specified leather, furniture fittings, and packaging boxes.
After seeing the Union Budget, we are already making notes on what things to buy in 2022 because just like nations’ budget, our ghar ka budget also matters!