Twitter
Advertisement

Budget 2022: Check how change in custom duty will affect prices of food items and gadgets

With changes in customs duty, imports become more expensive or cheaper usually depending on the change. It will come into effect from May 1, 2022.

Latest News
article-main
(Image Source: ANI)
FacebookTwitterWhatsappLinkedin

The Union Budget for 2022-23, which was presented by Finance Minister Nirmala Sitharaman on Tuesday saw a host of changes in customs duty on several items. This would mean that imports become more expensive or cheaper usually depending on the change in customs duties.

Finance Minister proposed a customs duty cut on certain chemicals, including methanol to promote domestic manufacturing. Cut and polished diamonds and gemstones will get a 5% reduction in customs duty. The tariff changes will come into effect from May 1, 2022, as per the Finance Bill 2022-23.

Items that will become costly

In edible oils category, microbial fats and oils and their fractions have gone up from 30% to 100%.

The Custom duty for umbrellas has gone up from 10% to 20%.

The Custom duty for single or multiple loudspeakers is up from 15% to 20%.

Unblended fuel to attract additional excise duty of Rs 2/litre from October 1, 2022.

Headphones and earphones, whether or not combined with a microphone has also gone up from 15% to 20%

Sets consisting of a microphone and one or more loudspeaker has also gone up from 15% to 20%.

Items that will become cheaper

Cashew nuts will become cheaper as import duties have been cut from 30% to 2.5%.

Pistachios are down from 30% to 10 % and soft dates is reduced from 30% to 20%.

Imported oranges, lemons and limes down from 40% to 30%.

Imported fresh grapes down from 35% to 30%, fresh pears, fresh quinces down from 35% to 30%.

Imported pepper is reduced from 70% to 30% while clove is down from 70% to 35%.

Sweet biscuits, waffles and wafers are down from 45% to 30%.

Dog or cat food, put up for retail sale, is down from 30% to 20% in customs duties.

Find your daily dose of news & explainers in your WhatsApp. Stay updated, Stay informed-  Follow DNA on WhatsApp.
Advertisement

Live tv

Advertisement
Advertisement