Budget 2022: Finance Minister Nirmala Sitharaman presented the budget, know what is cheap and what is expensive Budget 2022: Finance Minister Nirmala Sitharaman presented the budget, know what is cheap and what is expensive



Budget 2022: Finance Minister Nirmala Sitharaman presented the budget in the House keeping in mind the needs of all sections of the people. Several changes have been announced in the customs duty in this budget. Due to which the prices of many essential commodities have been affected. Import duty on some chemicals has been reduced. Customs duty on diamonds and gems to be reduced to 5%. The duty on umbrellas has been increased to 20%. The Finance Minister has announced to increase the exemption on agricultural sector equipment manufactured in India. Customs duty exemption on steel scrap will also be extended.

The government has also included crowd sourcing in the consultations and only after these consultations has passed a resolution to gradually list more than 350 exempt entries. This includes exemptions on certain agricultural products, chemicals, clothing, and medical devices. In addition, the concessional rates already being offered on certain products are being included in the Customs Tariff Schedule itself.

What became cheaper in budget 2022

Home electronics and wearable devices, hearing aids and electronic smart meters

mobile phone parts: Duty concession is being given on other items including mobile phone chargers, essential parts and camera lenses of mobile camera modules.

Gems & Jewellery: Customs duty on cut and polished diamonds and gems is being reduced to 5%. Only sawn diamond will attract zero customs duty. Nirmala Sitharaman said that a framework will be implemented by June this year to facilitate export of jewelery through e-commerce.

Chemicals: Customs duty is being reduced on certain critical chemicals such as methanol, acetic acid and heavy feedstocks for petroleum refining.

What happened in Budget 2022:

Duty on hive is being increased to 20 percent. Exemptions are being withdrawn from parts of the foreign hive.

first published:Feb. 1, 2022, 2:02 p.m.


Reference-hindi.news24online.com

Share

Leave a Reply

Your email address will not be published.