Today, Finance Minister Nirmala Sitharaman is scheduled to deliver the Interim Budget 2024 in Parliament at 11 am. As we near the presentation, the general public is filled with anticipation. Traditionally, each budget brings about changes in the cost of various goods and services. Citizens are eagerly awaiting to see which items might experience an increase in their prices and which ones will come with a more favorable price tag.
As we await the unveiling with bated breath, let’s reflect on certain things that either became more expensive or brought joy to people’s faces after last year’s budget.
Union Budget 2023-24 announcements
Last year, Finance Minister Nirmala Sitharaman announced changes in custom duty rates which affected the prices of various commodities.
Sitharaman announced a hike in the basic custom duty on electric kitchen chimneys along with a hike in the basic customs duty on items made out of gold bars. The tax on cigarettes was increased by 16%. Meanwhile, the customs duty on crude glycerin intended for the production of epichlorohydrin was reduced from 7.5% to 2.5%.
The government also announced the extension of customs duty exemption to import of capital goods and machinery which are required for making lithium-ion cells for batteries used in EVs.
The Finance Minister announced a reduction in customs duty on the import of specific inputs used in mobile phone manufacturing. Additionally, the customs duty on components of open cells for TV panels was decreased to 2.5%.
The basic customs duty on seeds utilised in the production of Lab Grown Diamonds saw a reduction. The import duty on silver dore, bars, and articles was raised to bring them in line with those on gold and platinum. There was an increase in the basic customs duty rate on compounded rubber.
What became costlier?
Some of the items that became dearer are as follows.
Imitation jewellery
Silver dores, bars and articles
Bicycles
Electric kitchen chimney
Compounded rubber
Imported vehicles and EVs
Articles made of gold and platinum
What became cheaper?
Some of the items that became cheaper are listed below.
Television
Smartphones
Lab-grown diamonds
Lithium-ion batteries for mobile phones
Machinery for making lithium ion cell in EVs
Camera lenses
Shrimp feed