Business News Desk, Finance Minister Nirmala Sitharaman has presented the country’s general budget. Let us know in less words what has become cheaper for you in this budget and what prices have increased.
What happened cheap?
The government has announced to make the custom duty zero on capital goods used for companies making lithium ion batteries. This is expected to reduce the price of mobile phones and electric vehicles.
Many medical equipment, life saving medicines and cancer related medicines have been added to the list of zero basic custom duty. This will also reduce their prices.
Basic custom duty has been cut by five to 20 percent on various categories of imported motorcycles.
The import duty of small and medium looms has been reduced to 7.5 to zero to promote domestic textile industry. This will encourage MSME in this area and expect the price of clothes to be reduced. Their products are also expected to be cheaper by giving zero the import fee on weight blue leather and crust leather.
In addition, television sets are expected to be cheaper by decreasing the duty on import of capital goods for open sales manufacturing for LCD/LED TV sets.
What happened expensive?
The duty has been increased to 20 percent or Rs 115 per kg (whatever is more) on imports of different categories of prepared clothing.
Custom duty on interactive flat panel display has been increased from 10 percent to 20 percent. This will also increase their prices.