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Here is a list of products that are set to get cheaper and those that are going to get more expensive as a result of the announcements made by Finance Minister Nirmala Sitharaman at the Union Budget 2022.
This is the TL;DR version:
Clothes
Gemstones and diamonds
Imitation jewellery
Mobile phones and mobile phone parts
Domestic electronic wearable devices
Hearable devices
Electronic smart meters
Steel scrap
And here are the details:
Cut and polished diamonds: Customs duty on cut and polished diamonds and gemstones is being reduced to 5 percent. A simply sawn diamond will attract nil customs duty.
Mobile phone parts: Duty concessions will be given to the transformer of mobile phone chargers, the camera lens of the mobile camera module, and certain other items.
Wearables and hearables: Customs duty rates are being calibrated to provide a graded rate structure to facilitate domestic manufacturing of wearable devices, hearable devices, and 28 electronic smart meters.
Steel scrap: The customs duty exemption given to steel scrap last year is being extended for another year to provide relief to MSME secondary steel producers.
All imported items
Umbrellas - Duty on umbrellas is being raised to 20 percent. The exemption to parts of umbrellas is being withdrawn.
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