Budget 2023: Here'S What Is Expensive And What Has Become Cheaper

Here’s a look at some of the items that are set to get expensive or cheaper, post Budget 2023. Finance Minister Nirmala Sitharaman announced an increase in custom duty on cigarettes, which will make it costlier.

In a slew of announcements made during the 2023 budget presentation, Finance Minister Nirmala Sitharaman has made some sectors shine, has provide relief to tax payers, but has hiked taxes on certain products.

Here’s a look at what has become expensive and what has become cheaper. Finance Minister Nirmala Sitharaman has announced an increase in custom duty on cigarettes making it costlier. The tax on cigarettes have been hiked by 16 percent. Here is a look at what has become expensive.

Cigarettes apart, gold, silver and diamond jewellery will also get expensive. Basic customs duty has been hiked on articles made from gold.(Image: Shutterstock)

Customs duty on kitchen electric chimneys has been increased to 15 percent from 7.5 percent. (Image: Shutterstock)

The below mentioned items will become cheaper. Camera lenses for phones, laptops, and DSLRs. Sitharaman said the Customs duty will be brought down to 2.5 percent on camera lenses and continue the concessional duty on lithium ion cells for another year. Further she said Customs duties on open cells of LED TV panels will be reduced to 2.5 percent.

Foreign cars will become costlier as importing vehicles in the country will see a rise in Customs duty by up to 10 percent starting February 2, 2023. (Image: Reuters)

Compounded rubber: Basic import duty on compounded rubber has been increased to 25 percent from 10 percent. (Image: Shutterstock)

Customs duty has been lowered to 2.5% on smartphone components and TV parts (Image: AP)

The government is extending customs duty exemption to the import of capital goods and machinery required for manufacturing of lithium-ion (Li-ion) cells for batteries used in EVs. (Image: Reuters)

The Finance Minister has proposed to reduce the Customs duty on key inputs for domestic farming of shrimp feed to enhance the export competitiveness of marine products. (Image: Reuters)