Union Budget 2022-23: Know what gets costlier, what’s cheaper now

New Delhi, Feb 1: Finance Minister Nirmala Sitharaman presented Union Budget 2022-23 today. Customs duty on cut & polished diamonds, gems to be reduced to 5%. Simply sawn diamond would attract nil customs duty. No change in the Income Tax Bracket for tax paying individuals. Customs duty on certain critical chemicals namely methanol, acetic acid and heavy feedstocks for petroleum refining are being reduced. Duty concessions are being given to parts of transformer of mobile phone chargers and camera lens of mobile camera module and certain other items to enable domestic manufacturing. Domestic electronic wearable devices, hearable devices and electronic smart meters are being cheaper. Concessional customs duty on capital goods to be phased out, initial rate of 7.5% to be imposed. Custom duty on imitation jewellery raised to discourage their imports. However, duty on umbrellas is being raised to 20 per cent. Exemption to parts of umbrellas is being withdrawn. Cheaper: wp:list ClothesGem stones and diamondsImitation jewelleryMobile phonesMobile phone chargersCustom duties on chemicals needed for petroleum productsCustom duties on certain chemicals, including methanolConcessional customs duty on steel scrap extended for 1 year /wp:list Costlier wp:list All imported itemsDuty on umbrellas increased /wp:list