The customs duty was raised on some items in the Center's proposed Budget 2023 while it was decreased on other items, even though we still need to get more clarity.
Let's explore which product prices will increase and which ones will decrease.
Products created from gold bars now have higher import taxes.
Products that will cost more
The cost of imported luxury vehicles
will rise.
Customs duty on cigarettes has been increased. Due to this, their rates will increase further
The prices of silver, diamonds, copper, and rubber will increase
TVs may cost less as customs duty on TV components was reduced to 2.5 percent. Earlier it was 5 percent
Products that will be less expensive
Buy New DSLR later this year, as there is no customs duty on the camera and DSLR lens. This benefit is available for one year
Prices of denatured ethyl alcohol, acid grade fluorspar will come down
Exemption of customs duty on
lithium-ion batteries
Gift your girlfriend a diamond later this year as the Customs duty on seeds used in lab-grown diamonds has been reduced
Reduced customs duty on shrimp feed. The government has taken this decision to promote exports.