The budget for the financial year 2023-24 was presented by the Union Finance Minister Nirmala Sitharaman. In the wake of the global recession, many companies have launched layoffs as a precautionary measure. Meanwhile, Finance Minister Sitharaman has increased and reduced taxes on goods. Let's know what will be cheap and expensive.
What is costlier:
- A country kitchen chimney is expensive.
- Gold, silver, platinum coming from abroad is expensive.
- Cigarettes are expensive. The emergency tax on cigarettes has now been increased by 16 percent.
- Diamonds, X-ray machines, umbrellas, alcohol.
What has become cheap:
- Lenses of some mobile phones, cameras have become cheaper.
- Electric vehicles have become cheaper.
- Things related to LED TV, biogas have become cheaper.
- Toys, bicycles, automobiles will become cheaper.
- Basic customs rates on agricultural materials.
Textiles and non-agricultural goods have been revised from 21% to 13%. There have been minor changes in basic customs duties, cesses and surcharges on certain items including toys, bicycles, vehicles. Customs duty on cigarettes has been increased.