Union Budget 2023: Union Finance Minister Nirmala Sitharaman presented the Modi government’s final full-fledged Union Budget before the 2024 Lok Sabha elections today.
Ms. Sitharaman’s budget speech detailed which items would be less expensive and which would be more costly.
Here’s a list of items that will become cheaper and costlier in FY24: Union Budget 2023
BUDGET 2023 – WHAT GETS CHEAPER
- The basic customs duty on articles made from gold bars will be increased.
- Customs duty on kitchen electric chimneys has also been raised from 7.5% to 15%.
- Govt to reduce basic customs duty on seeds used in manufacturing of lab-grown diamonds
- Govt to reduce customs duty on shrimp feed to promote exports.
- The budget also proposes capping capital gains deductions on residential real estate investments at 10 crore.
- Cigarette customs duty has been raised.
- The basic customs duty rate on non-textile and agricultural goods has been reduced from 21 to 13.
BUDGET 2023 – WHAT GETS COSTLIER
- Taxes on cigarettes hiked by 16 per cent
- Basic import duty on compounded rubber increased to 25 per cent from 10 per cent
- Basic customs duty hiked on articles made from gold bars
- Customs duty on kitchen electric chimney increased to 15 per cent from 7.5 per cent
Also Read: Budget 2023: Tax cut on mobile phones,TV; Increase in cigarette tax
Budget 2023: Personal Income Tax: “The new tax rates are 0 to Rs 3 lakhs – nil, Rs 3 to 6 lakhs – 5%, Rs 6 to 9 Lakhs – 10%, Rs 9 to 12 Lakhs – 15%, Rs 12 to 15 Lakhs – 20% and above 15 Lakhs – 30%, ” says Union Finance Minister Nirmala Sitharaman.
This year’s Budget is significant because the country’s next Lok Sabha election is scheduled for April-May 2024. The budget session of Parliament began on Tuesday with the President’s address, which was followed by the postponement of the Economic Survey for 2022-23. On October 10, the formal process of preparing the annual Budget for the next fiscal year (2023-24) began.
