Customs duty relief for certain inputs for camera lens, lithium batteries to continue for another year.
While the GST Council is primarily responsible for tobacco taxation, the central government also imposes a National Calamity Contingent Duty (NCCD) on cigarettes, which is subject to change in the Budget.
The magnitude of the increase will be critical for cigarette manufacturers, particularly ITC NSE 1.84%, because cigarettes account for more than 80% of the company’s net profit and approximately 45% of its topline.
In her Union Budget speech on February 1, Finance Minister Nirmala Sitharaman announced a five-year research grant to one of the IITs to encourage indigenous production of lab-grown diamonds.
“Lab-grown diamonds are a technology and innovation-driven energy-driven sector with high employment potential,” according to the FM.
Also Read: Income Tax Slabs Budget 2023: Income tax rebate limit from Rs 5 lakh to Rs 7 lakh under the new tax regime
The government has announced plans to establish Artificial Intelligence centres of excellence (AI). Innovative digital technologies such as AI and Machine Learning are a significant step toward promoting financial inclusion in India, making industries across sectors more accessible to a larger segment of the population. As a result, service delivery will improve, and various segments of society will be able to actively participate in financial ecosystems.
Things that are set to be costlier: Budget 2023
Articles made of gold and platinum
Articles made of silver
Copper scrap
Compounded rubber
Cigarettes
Imported electric kitchen chimney (import duty is being raised from 7.5% to 15%)
Things that will become cheaper: Budget 2023
Camera lenses for phones, laptops, and DSLRs
Parts of TV panels
Lithium ion batteries
Denatured ethyl alcohol
Domestic manufacture of shrimp
Seeds used in the manufacture of diamonds
Customs duty relief for certain inputs for camera lens, lithium batteries to continue for another year.
While the GST Council is primarily responsible for tobacco taxation, the central government also imposes a National Calamity Contingent Duty (NCCD) on cigarettes, which is subject to change in the Budget.
The magnitude of the increase will be critical for cigarette manufacturers, particularly ITC NSE 1.84%, because cigarettes account for more than 80% of the company’s net profit and approximately 45% of its topline.
In her Union Budget speech on February 1, Finance Minister Nirmala Sitharaman announced a five-year research grant to one of the IITs to encourage indigenous production of lab-grown diamonds.
“Lab-grown diamonds are a technology and innovation-driven energy-driven sector with high employment potential,” according to the FM.
Also Read: Income Tax Slabs Budget 2023: Income tax rebate limit from Rs 5 lakh to Rs 7 lakh under the new tax regime
The government has announced plans to establish Artificial Intelligence centres of excellence (AI). Innovative digital technologies such as AI and Machine Learning are a significant step toward promoting financial inclusion in India, making industries across sectors more accessible to a larger segment of the population. As a result, service delivery will improve, and various segments of society will be able to actively participate in financial ecosystems.
Things that are set to be costlier: Budget 2023
Articles made of gold and platinum
Articles made of silver
Copper scrap
Compounded rubber
Cigarettes
Imported electric kitchen chimney (import duty is being raised from 7.5% to 15%)
Things that will become cheaper: Budget 2023
Camera lenses for phones, laptops, and DSLRs
Parts of TV panels
Lithium ion batteries
Denatured ethyl alcohol
Domestic manufacture of shrimp
Seeds used in the manufacture of diamonds