Union Budget 2023: In India, on 1 February 2023, Finance Minister Nirmala Sitharaman presented the fifth budget (Budget 2023) of her tenure. Mobile phones may become cheaper in India in the coming days, on the other hand buying silver may become expensive. Actually, the government has reduced the import duty on some parts of mobile phones and increased the duty on gold and silver. In such a situation, the burden of which things on the common man’s pocket is going to be relieved. Let us know about this in detail.
These things will be cheaper in the electronic market
- The import duty of goods used in making lithium ion batteries has been reduced, due to which lithium batteries will be cheaper.
- Custom duty on open cell parts of TV panels has been reduced from 5% to 2.5%, which will make TVs cheaper.
- Custom duty has been reduced on some parts of mobile phone manufacturing, which will make mobile phones cheaper.
- In the new budget, there has been talk of camera lenses being cheap. This means that now you will be able to buy good photo and video capturing phones with better lenses at a lower price.
These things will be expensive in the electronic market
Custom duty on kitchen electric chimney has been increased from 7.5% to 15%, which will make electric chimneys costlier.
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90% products under GST
You must have noticed that there are many products which are neither expensive nor cheap in the budget. The reason for this is Goods and Service Tax ie GST. After 2017, almost 90% of the product price is dependent on GST, which is determined by the GST Council. Currently there are four rates (5%, 12%, 18% and 28%) in the tax slab of GST. All the decisions related to GST are taken by the GST Council.
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