Union Budget 2023: A look into what's going to get costlier and cheaper this year!

Finally, after a long wait with larger expectations, the ruling BJP regime has tabled its last full budget ahead of the 2024 Lok Sabha polls. Union Finance Minister Nirmala Sitharaman has presented the budget at 11 am on Wednesday in the Parliament and in nearly a two-hour address, she unveiled major announcements and rejigs from a change in the income tax slab to new investment plans. 

Every budget can go with changes that surprise and disappoinments the people, but it won't go without stirring a change in the prices of several goods and services. Likewise, this budget had also increased the prices of several goods while also brought down the prices of some products. In her address, Nirmala Sitharaman said, "I propose to reduce the number of basic customs duty rates on goods, other than textiles and agriculture, from 21 to 12." 

"As a result, there are minor changes in the basic customs duties, cesses and surcharges on some items including toys, bicycles, automobiles, and naphtha", she added. As per the budget, the products like toys, bicycles, electric kitchen chimneys, and cigarettes will become more expensive in this year. 

Let's take a look at what will become costlier: 

  • Cigarettes - National Calamity Contingent Duty (NCCD) to be increased by 16%
  • Electric kitchen chimneys will become costlier, thanks to the surge in basic customs duty- from 7.5% to 15% 
  • Articles of precious metals (such as silver, gold, and platinum) will also become costlier as the customs duty is surged from 20% to 25%. 
  • Silver - including silver plated with gold or platinum as customs duty increased from 7.5% to 10%
  • Silver dore - customs duty increased from 6.1% to 10% 
  • Bicycles- as the customs duty surged from 30% to 35% 
  • Vehicles in semi-knocked down form, including Electric Vehicles - customs duty increased from 30% to 35% 
  • Toys and toy parts as the customs duty would be increased from 60% to 70% 
  • Styrene, napththa, vinyl chloride monomer, and compounded rubber

What will become cheaper? 

  • Camera lens and other parts used in manufacturing mobile phones - relief in customs duty. 
  • Parts of open cells of TV panels as the basic customs duty has been reduced to 2.5% 
  • Various items used in the manufacture of aquatic feed 
  • Pecan nuts as customs duty has been reduced to 30% from 100%
  • Electric Vehicles as the customs duty has been exempted for capital goods and machinery used to manufacture lithium-ion cells for batteries used in the Electric Vehicles
  • Seeds used to manufacture lab-made diamonds as the basic customs duty would be reduced