Finance Minister Nirmala Sitharaman presented the Union Budget 2022 at Lok Sabha where she announced changes in the existing Income Tax regime and the prices of goods and commodities. Take a look at what will get cheaper and what will get costlier
Some of the commodities to get cheaper after the announcement of Union Budget 2023 are:
- Toys
- Bicycles
- Automobiles
- Mobile phones
- Electric vehicles
- Television sets
- Lithium ion-cell batteries
- Camera lens
- Basic custom duty on parts of open cells of TV panels reduced to 2.5%
- Basic custom duty on goods, other than textiles and agriculture, reduced from 21% to 13%
- Custom Duty on cigarettes hiked by 16%
- Metals such as gold, silver, platinum
- Hike in duties on articles made from doré and bars of gold and platinum
- Prices of brass and kitchen chimney hiked
- Denatured ethyl alcohol
- Domestic manufacturing of shrimp
- Seeds used in the manufacture of diamonds
To the relief of the Income Tax payers, Finance Minister has also announced changes in the Income Tax slabs. She said that the New Tax Regime will replace the Old Tax Regime
The New Tax Regime is as follows
Some of the other highlights from Union Budget are:
- Fiscal deficit for FY24 estimated at 5.9% of GDP
- States to be allowed 3.5% of GDP as fiscal deficit
- 50 new airports, helipads, aerodromes
- Capital outlay of Rs 2.40 lakh crore for Railways
- Agricultural accelerator fund to boost agritech start-ups
- Inclusive development
- Reaching the last mile
- Infrastructure and investment
- Unleashing potential Green growth
- Youth power
- Financial sector