According to the Budget 2022-23, imported items and parts will get expensive from April, the time at which the new budget announced by Nirmala Sitharaman will come into effect.
During her discourse, the Finance Minister Nirmala Sitharaman said that electronic manufacturing has been growing rapidly and customs duty rates are being modified to provide a graded rate structure to expedite local manufacturing of wearable devices, hearable devices and electronic smart meters.
Some electronic devices like chargers and cameras for phones, smartwatches, hearing aids, gemstones and diamonds, farming tools and smart meters, steel scraps and chemicals for petroleum refining all these come under low-cost budget stuff.
A thirty per cent tax on profits from virtual currencies and assets like Non-Fungible Tokens, the rollouts of a state-backed digital rupee and 5G telecom services, and a huge force for spending on infrastructure spotlighted this year’s budget.
Cheaper Items
*Chargers and cameras for phones
*Snartwatches
*Hearing aids
*Gemstones and diamonds
*Farming tools and smart meters
*Cocoa beans and asafoetida
*Frozen mussels and squids
*Chemicals and petroleum refining
*Steel scraps
Costly items
*Imitation Jewellery
*Imported items
*Earphones, headphones and speakers
*Umbrellas
*Unblended fuel
*X-ray machines