Cigarettes, gold, toys & more: Things that will get expensive and cheaper from April 1
Synopsis
Due to the changes made in taxes, customs duties and tax slabs, while some certain commodities will get expensive from April 1st, some will get cheaper. Here's a list of everything that will get expensive and cheaper.
Beginning on April 1, 2023, some products will cost more because the Centre intends to increase import levies to promote domestic industry. Private jets, helicopters, luxury products, plastics, jewelry, glossy paper, and vitamins are just a few of the items that may face price spikes starting the next month.
During the introduction of the Union Budget 2023, the finance minister, Nirmala Sitharaman, stated that while some things, such as camera lenses and smartphones, will become less expensive starting on April 1, other items, such as electric kitchen chimneys and gold and platinum objects, will see a rise in price.
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List of things to become expensive are:
- Electronic Chimneys in Household
- Jewellery
- Imported goods
- Cigarette
- Gold
- Platinum
- Silver utensils
It was announced in the budget that there will be an increase in the customs duty on specified cigarettes by 16 per cent. Import taxes on silver bars and items, duty taxes on gems and jewellery made of gold and platinum, and price increases for brass and other imitations all contributed to an increase in the cost of imitation jewellery. Further, import duty on kitchen chimneys was increased from 7.5 percent to 15 percent, making it costlier. Customs duty on the import of electric vehicles, cars and motorbikes was increased.
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List of things that will become cheaper are:
- Toys
- Bicycles
- TV
- Mobiles
- Electric Vehicles
- LED TV
- Camera lenses
From April 1, prices of television will go down a bit, since the primary customs duty on parts of open cell television panels has been reduced to 2.5% from the existing 5%. Apart from this, the reduction of basic customs duties on certain parts of camera lenses and parts of mobile phones will make mobile phones cheaper from April 1.
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