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Custom duty increased on liquor, scrap and minerals
New Delhi. Finance Minister Nirmala Sitharaman presented the general budget in the Lok Sabha on Sunday and made several big announcements in her speech. This was his 9th consecutive budget as Finance Minister in the Central Government. Sitharaman announced about reducing custom duty on many things, which means many things are going to become cheaper.
The Finance Minister said in his budget speech that custom duty is being reduced especially on such items which are manufactured in India. Referring to some goods, he said that export of leather and textile will also be duty free now. Custom duty is being reduced on these. There will be relaxation in basic custom duty in defense sector. It was also announced to reduce the tariff rate on goods imported for personal use from 20 percent to 10 percent.
These goods will be cheap
Clothes, leather items, synthetic footwear, leather products, 17 cancer-sugar medicines duty free, beedis, lithium ion cells, mobile batteries will be cheaper, solar glass, mixed gas CNG.
From EVs, microwave ovens, jet fuel, foreign travel, studying abroad to sports items will be cheaper.
While shoes and bags are going to become cheaper due to duty cut on raw leather and related goods, parts used in mobile phones like batteries will become cheaper, due to which the prices of phones can also reduce. Apart from this, the government made an announcement related to making studies abroad affordable, because TCS interest rate has been reduced from 5% to 2%. Sports related items are also going to become cheaper, custom duty on these items has also been reduced. Apart from this, the sectors in which custom duty has been increased are going to become costlier. They include, above all, liquor, scrap and minerals.
