New Delhi: Finance Minister Nirmala Sitharaman in her maiden Budget speech has made many key proposals and announcements. She has announced to raise cess on petrol and diesel by Re 1 per litre.
It may be noted excise duty of Rs 5 per 1,000 was announced on cigarettes of length exceeding 65 mm, while 0.5 per cent duty was announced on chewing tobacco, zarda and tobacco extracts and essence. However, Sitharaman reduced customs duty on certain raw materials and capital goods in order to promote domestic manufacturing. Here is a full list of what is going to be cheaper and dearer.
Items that became dearer-
The items that became dearer are petrol and diesel, cigarettes, hookah and chewing tobacco, gold and silver, fully-imported cars, split air-conditioners, loudspeakers, digital video recorders, imported books, CCTV cameras, cashew kernels, imported plastics, raw materials for manufacture of soap, vinyl flooring, tiles, optical fibre, ceramic tiles and wall tiles, imported stainless steel products, auto parts, newsprint and paper for newspaper and magazines, marble slabs, mountings for furniture.
It may be noted that Finance Minister Nirmala Sitharaman proposed to increase customs duty on gold and other precious metals from 10 per cent to 12.5 per cent. Also, basic customs duty has been increased on PVC and tiles.
Items that became cheaper-
Customs duty has been reduced on certain raw materials such as inputs for artificial kidney and disposable sterilised dialyser and fuels for nuclear power plants etc., capital goods required for the manufacture of specified electronic goods. Apart from this, items such as set-top box, mobile chargers will also become cheaper. Import of defence equipment which is not manufactured in India is also being exempted from basic customs duty. It may also be noted that customs duty is exempted on certain parts of electric vehicles.