The new financial year will start from April 1, 2023, many new things will be implemented from the new financial year, which were announced by Finance Minister Nirmala Sitharaman this year. The Finance Minister had announced a change in import duty on many items, due to which the prices of many items will increase and the prices of many will also come down from April 1. Because of this your budget can be affected. Let’s take a look.
First of all, the prices of essential medicines will increase, because the NPPA has changed the WPI for the prices of medicines for the National List of Essential Medicines (NLEM). Because of which all the medicines from pain killer to antibiotic will become costlier by 12%.
Expensive Products from April 1:
Electric fireplace will be expensive
Finance Minister, Nirmala Sitharaman had announced in the Union Budget 2023 that from April 1, the prices of goods like electric fireplace, gold and platinum would increase. According to media reports, the custom duty on chimneys has been increased from 7.5% to 15%. That is, all these items will become expensive from April 1.
Cigarettes, imitation jewelry, toys will be expensive
It was announced in the budget that 16% custom duty will be increased on some cigarettes. That is, an increase in the prices of some cigarette brands can be seen. Apart from this, things like imitation jewelry, things made of gold bar, platinum will become expensive, because the proposal to increase the duty on these has been given in the budget. The government has also increased the Agri and Development Cess on silver bricks i.e. silver bars from 2.5% to 5%. The same cess has also been increased from 2.5% to 4.35% on the silver door.
Imported, electric cars costlier
Imported cars, including electric vehicles, will become costlier. Because the Finance Minister had announced to increase the customs duty on them in the budget. These also include vehicles that are assembled in India from imported parts. According to the budget documents, vehicles that cost less than $40,000, have an engine capacity of less than 3000cc for the petrol version, less than 2500cc for the diesel version. Custom duty on such vehicles has been increased from 60% to 70% Is. Similarly, the custom duty on completely complete (CBU) electric vehicles, which cost more than $ 40,000, has been increased from 60% to 70%.
Imported cycles will also be expensive
Apart from cars, imported cycles will also become costlier. In the budget, the Finance Minister had increased the basic import duty on bicycles from 30% to 35%. Children’s toys have also become expensive. It was announced to increase customs duty on styrene, vinyl chloride monomer, toys and its parts. Basic customs duty on toys and its parts is proposed to be increased from 60% to 70%. Now take a look at those things which can become cheaper from April 1. In Budget 2023, the Finance Minister had announced that his focus is to promote India’s industry. The government has reduced the duty on some electronics parts made in India. Apart from this, it was also proposed to reduce custom duty on some parts used in mobile phone manufacturing.
Cheaper Products from April 1:
Mobile and TV both can be cheap
To promote the manufacturing of mobile phones in the country, the government has proposed to abolish customs duty on camera lenses. Apart from this, it has been proposed to reduce the customs duty on open sales parts of TV panels from 5% to 2.5%. That means both mobile and TV made in India can be cheap. However, whether the customers will get the benefit of this or not, it will depend on the companies. If they give benefits then TV and mobiles will be cheaper.
Camera phones, DSLR laptops will be cheaper
Import duty has been reduced on select parts for smartphones, DSLR and laptops. The government wants to promote manufacturing in the country under the PLI scheme. This exemption in custom duty will also be available on camera lens, lithium ion cells.
Electric vehicles will be cheaper
Buyers of electric vehicles will benefit from custom duty exemption on machinery required for manufacturing lithium-ion cells.