Budget 2022: What gets cheaper, what's costlier; check list here

Union Finance Minister Nirmala Sitharaman on Tuesday unveiled the Budget for financial year 2022-23, that aims to boost growth amid continued disruption from COVID-19 and rising inflation.

The government has projected slower economic growth of 8% to 8.5% compared with an estimated 9.2% for the current fiscal year. GDP contracted 6.6% the previous year.

"The overall sharp rebound and recovery of the economy is reflective of our country's strong resilience," Finance Minister Nirmala Sitharaman said, vowing to lay the foundation for faster growth.

However, Sitharaman announced a slew of changes in customs duty which will affect the prices of certain goods in FY23. Import duty on certain chemicals has been reduced. Customs duty on cut and polished diamonds, gems to be reduced to 5%. Duty on umbrellas has been raised to 20 per cent.

Following is a list of imported items that will become costlier: -

Umbrella -

-Imitation Jewellery

-Single or multiple loudspeakers

-Headphones and earphones

-Smart meters

-Solar cells

-Solar modules

-X-ray machines

-Parts of electronic toys.

However, certain goods will become cheaper as the government has slashed the customs duty and they are:

-Frozen mussels

-Frozen squids

-Asafoetida

-Cocoa beans

-Methyl alcohol -Acetic acid

-Cut and polished diamonds

-Camera lens for cellular mobile phone.

-Mobil phone chargers

ALSO READ: Budget 2022 Live Updates: Digital rupee,crypto tax announced; income tax slabs unchanged

The finance minister announced an extension of the exemption on implements and tools for the agriculture sector manufactured in India. Customs duty exemption to steel scrap will also be extended.

"In the last two budgets we have rationalised several customs exemptions. We have once again carried out an extensive consultation, including by crowd sourcing and as a result of these consultations, more than 350 exemption entries are proposed to be gradually phased out. These include exemption on certain agricultural produce, chemicals, fabrics, medical devices and drugs and medicines for which sufficient domestic capacity exists. Further, as a simplification measure, several concessional rates are being incorporated in the Customs Tariff Schedule itself instead of prescribing them through various notifications," Sitharaman said in her Budget speech. 

To incentivise exports, exemptions are being provided on items such as embellishment, trimming, fasteners, buttons, zipper, lining material, specified leather, furniture fittings and packaging boxes that may be needed by bonafide exporters of handicrafts, textiles and leather garments, leather footwear and other goods, Sitharaman added.