Union Budget 2022: What Is Cheaper, What Is Costlier

Let's take a look at the effect that the budget might have on pricing of different goods and what will get cheaper and costlier in the coming financial year.

Divyanshi SharmaUpdated: Feb 01, 2022, 18:15 IST

Finance Minister Nirmala Sitharaman presented the Union Budget 2022 today, February 1. In a major disappointment for salaried individuals, there were no changes announced in the income tax slabs or rates. There were, however, a few changes with respect to customs duties announced.

Items like Umbrellas, unblended fuel, and certain imported are expected to get costlier while phone chargers, smartwatches, and cocoa beans are expected to get cheaper.

Let's take a look at the effect that the budget might have on pricing of different goods and what will get cheaper and costlier in the coming financial year.

What got costlier after Budget 2022?

The following items are expected to get costlier from April 1, once the budget comes into effect:?Ce... Read More

The following items are expected to get costlier from April 1, once the budget comes into effect:?

Certain Imported items?
Imitation Jewellery
Speakers, headphones and earphones?
Solar cells and modules?
X-ray machines?
Umbrellas?
Unblended petrol and diesel?
Parts of electronic toys?
Smart meters??

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What got cheaper after Budget 2022?

Here is the list of items that are expected to get cheaper once the budget comes into effect:Hearing... Read More

Here is the list of items that are expected to get cheaper once the budget comes into effect:

Hearing aids?
Chargers and cameras for phones?
Tech wearables like smartwatches?
Cut and polished diamonds
Gemstones
Farming tools?
Cocoa beans?
Asafoetida?
Frozen mussels and squids?

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Budget 2022: Impact on jewellery industry

The Finance Minister announced that a simpler, regulatory framework will be implemented by June this... Read More

The Finance Minister announced that a simpler, regulatory framework will be implemented by June this year that will facilitate jewellery export via e-commerce. The customs duty on polished diamond and gemstones was reduced to 5 per cent. At present, polished diamonds and gemstones attract a 7.5 per cent customs duty.??

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Budget 2022: Attempts to boost exports

In order to boost exports in the country, items such as embellishment, trimming, fasteners, buttons, zipper, lining material, specified leather, furniture fittings and packaging boxes are being provided certain exemptions.?

Domestic manufacturing of mobile phones

In order to encourage domestic manufacturing of mobile phones, customs duty concessions were announced for transformer of mobile phone chargers, camera lens of the mobile camera module, and certain other items.?

Exemption to steel scrap extended

Last year, customs duty exemption was announced for steel scraps. The exemption has been extended for another year, benefitting MSME secondary steel producers.?

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Union Budget 2022: What Is Cheaper, What Is Costlier

Let's take a look at the effect that the budget might have on pricing of different goods and what will get cheaper and costlier in the coming financial year.

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