Besides cigarettes, jewelry made of gold and silver will also become expensive due to the increased basic customs duties on items made from gold bars.
FM has proposed increasing taxes on items manufactured from there to strengthen tax differentials. “I also propose to increase import duties on silver, ingots and articles to match import duties on gold and platinum,” she said.
However, the government has reduced the basic customs duty on seeds used to produce lab-grown diamonds.
The basic customs duty rate for mixed rubber will be increased from 10% to 25% or Rs 30/kg, whichever is lower, to the same rate as for non-latex natural rubber, to limit tax evasion.
Ms. Sitharaman proposed to reduce the amount of customs duty rates for goods other than textiles, from 21 to 13. Therefore, there are small changes in duties and taxes on products such as toys, naphtha and automobiles. , she said.
The government also proposes to reduce customs duties on the import of certain input materials for mobile phone production. Customs duties on exposed parts of TV screens have also been cut to 2.5%.
Here’s what’s cheaper
- Camera lenses for phones, laptops and DSLR cameras
- Parts of TV panels
- lithium-ion battery
- denaturation of ethyl alcohol
- Domestic shrimp production
- Beads are used in the production of diamonds
Here’s what’s more expensive
- Products made of gold and platinum
- Wasted copper
- synthetic rubber
- Imported electric stove chimney
“To encourage India’s mobile handset manufacturing business, customs duty exemption has been extended for camera lenses and other items and reduced for lithium-ion batteries for one year. customs duties on machinery needed to manufacture lithium-ion batteries used in electric vehicles will be exempted. It is also mentioned that customs sheets will be reduced from 21 to 13 percent,” it said. Saloni RoyPartner, Deloitte India.