Union Budget 2022: Union Finance Minister Nirmala Sitharaman announced slew of changes in the customs duty for several products in her Union Budget Speech 2022, which will invariably affect the price of the commodities.
FM Sitharaman announced 5 percent reduction in customs duty on gems, cut and polished diamonds. The customs duty on imitation jewelry and chemicals has also been reduced, while the customs duty on umbrellas has been increased to 20 percent.
The Finance Minister informed that in order to incentivise exports, exemptions are being provided on items including buttons, zippers, embellishment, trimmings, lining material, fasteners, specified leather, furniture fittings and packaging boxes that may be required by the exporters of textiles, handicrafts and leather products.
Let us check what has got costlier and what has got cheaper with these changes-
What has got Cheaper?
Cut and Polished Diamonds
Gemstones
Imitation Jewelry
Mobile Phones
Mobile Phone charger
Leather Garments, products
Farming goods
Clothes
Acetic acid
Methyl alcohol
Cocoa beans
Asafoetida
Frozen mussels
Frozen squid
Camera Lens
Steep scrap
Chemicals needed for petroleum products
What has got costlier?
Umbrella
All imported items
The changes in the pricing of the commodities will be effective from the beginning of the fiscal year 2022-23 on April 1, 2022.
