From camera lens to cigarettes: what got cheaper and more expensive after Budget 2023

Feb 1, 2023

By: Srishti Magan

The ‘Amrit Kaal’ Budget 2023

Finance Minister Nirmala Sitharaman announced the Budget for 2023-24 on February 1, calling it the ‘first Budget in Amrit Kaal.’ The last Budget before the Lok Sabha election in April-May 2024 introduced new tax regime slabs to put more money in the hands of the common man. Here’s what will get cheaper and dearer:

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What got cheaper

Like with every budget, a slew of items have become cheaper, thanks to the change in customs duty. From cheaper camera lenses for mobiles to lab-grown diamonds, here’s a look at the items that will get cheaper:

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TVs and mobiles are now cheaper

The customs duty on parts of open cells of TV panels cut to 2.5 percent. The Government also proposed reducing customs duty on the import of certain inputs for mobile phone manufacturing, like camera lens - which will now have no custom duty. Earlier, it was 2.5 percent.

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Diamonds could be a girl’s best friend again

The customs duty on seeds used in the manufacturing of lab-grown diamonds reduced from 5 percent to Nil. Additionally, to encourage the indigenous production of seeds and machines and to reduce import dependency, a research and development grant will be provided to one of the IITs for five years.

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A focus on shrimping

Sitharaman announced that marine products recorded the highest export growth in the last financial year, and thus, customs duty is being reduced on shrimp feed to promote exports.

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What’s more expensive

Just like things got cheaper, duties were hiked for certain items, like cigarettes, gold bars, kitchen electric chimney, and others. Here’s a look at all the items that got more expensive:

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All that glitters… is expensive

Basic customs duty has been hiked on articles made from gold bars, along with an increase in the import duty on silver bars and articles, and even imitation jewellery.

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Cigarettes will burn a hole in your pockets

The National Calamity Contingent Duty (NCCD) on specified cigarettes has been revised upwards by 16 percent. It was last revised three years ago.

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Long drives? Don’t think so!

Fully imported luxury cars and EVs (electric vehicles) will cost more as government raises customs duty from 60 percent to 70 percent in the Budget. The custom duty on bicycles also increased from 30 percent to 35 percent.

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Toys and Kitchen Electric Chimney

The customs duty on kitchen electric chimney increased to 15 percent from 7.5 percent, while for toys and parts of toys (other than parts of electronic toys), it increased to 70 percent from 60 percent.

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