Finance Minister Nirmala Sitharaman on Tuesday presented the union budget for 2022-23 fiscal year. While, digitalisation of education, a 30% income tax on digital assets and promotion of technology in the agriculture sector were some key highlights, the FM also announced the revised prices of several commodities. 

Sitharaman announced that the budget proposes to phase out the concessional rates in capital goods and project imports. A tariff of 7.5% will be applied.

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“Certain exemptions for advanced machineries that are not manufactured within the country shall continue,” the Finance Minister said. 

She further added that customs duty rates are being calibrated to provide a graded rate structure to ‘facilitate domestic manufacturing of wearable devices, hearable devices and electronic smart meters’.

“Duty concessions are also being given to parts of transformer of mobile phone chargers and camera lens of mobile camera module and certain other items.”

The budget proposes to reduce customs duty on cut and polished diamonds and gemstones by 5%.

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Meanwhile, duty on umbrellas is being raised to 20%.

“Customs duty exemption given to steel scrap last year is being extended for another year. Certain Anti- dumping and CVD on stainless steel and coated steel flat products, bars of alloy steel and high-speed steel are being revoked.”

Here is a complete list:

Cheap goods –

Machines imported

Textiles and leather goods

Farming equipment

Mobile-chargers

Shoes and slippers

Diamond jewelry

Gems 

Packaging cans

Expensive goods –

Umbrellas

Capital goods

Fuel without blending

Imitation jewelry