Budget 2022: Take a look what gets cheaper and costlier in this budget

Finance Minister Nirmala Sitharaman said while delivering the Union Budget 2022 on Tuesday that the country is likely to expand at 9.2 percent this fiscal year due to a rapid recovery in the economy. The Finance Minister revealed in her fourth budget address that the Reserve Bank of India will establish a digital rupee in 2022-23 to help the economy. The government also imposed a 30% tax on revenue derived from the sale or acquisition of virtual and digital assets such as cryptocurrencies. While no tax slabs were changed, the Finance Minister said that updated income tax returns can now be filed within two years, providing some relief to taxpayers.

Cheaper

• A vast number of regularly used products, including mobile phones and mobile phone chargers, are scheduled to become cheaper, as recommended by the finance minister in the Union Budget for 2022-23.
• Customs duty on cut and polished diamonds and gemstones has been decreased to 5%, and more than 350 customs duty exemptions will be phased out over time.
• The finance minister announced an extension of the exemption for agricultural implements and tools made in India.
• Clothes
• Imitation jewellery
• Custom duties on chemicals needed for petroleum products, including methanol
• Customs duty on steel scrap

Costlier

• All imported items
• Duty on umbrellas increased

Sitharaman's budget address this time lasted roughly 92 minutes, making it her shortest yet. Her address in 2020 made news for being the longest in Indian history, lasting around 2 hours and 40 minutes. This year's budget will be provided through an app called "Union Budget Mobile App." The app was introduced last year to provide Members of Parliament (MPs) and the general public with simple access to Budget materials.

Also Read | Union Budget 2022 LIVE: Big expectations from Finance Minister Nirmala Sitharaman's budget

Also Read | Budget 2022: No change in Income Tax slabs for tax paying individuals, tax rates announced

• Budget 2022
• Nirmala Sitharaman
• Union Budget
• Budget session
• RBI