Budget 2023: What is cheap and what is costly?
The customs tax on lithium-ion batteries used in electric vehicles will be reduced to 13%, according to a proposal made on Wednesday by Nirmala Sitharaman, the minister of finance. In addition, the budget has increased the tax on cigarettes by 16 percent. She made this announcement while presenting the General Budget 2023–24 in Parliament, which will lower the cost of electric automobiles.
Aside from that, customs duty exemptions have been granted for mobile phones, television, and chimney manufacturing. The Minister of Finance announced a reduction in tariffs on imports of certain products used in the manufacture of mobile phones. She said that India’s mobile phone production increased from 58 million units in 2014-15 to 310 million units in the last financial year.
Sitharaman also announced a 2.5 percent reduction in customs duty on open cell parts of TV panels. Customs duty on kitchen electric chimneys has been raised from 7.5 percent to 15%.
She said that the government would continue with a 2.5 percent customs duty on copper scrap. She said that the government would reduce customs duty on prawn freed to promote exports. On the other hand, the customs duty on gold and silver products has increased.
The Finance Minister said that custom duty exemption would be given to promote lab-grown diamonds. Reduction in customs duty on certain components will encourage domestic manufacturing. The Finance Minister stated that the duty exemption on lithium-ion batteries will be continued for one more year.
The benefit of reduced tariffs on customs duty will also drive the ethanol blending program in petrol.
(The IBC NewsTV team may have changed just the report’s headline and cover image; the remaining text was created automatically from a syndicated feed.)