Union Budget 2022: What's Cheaper, What's Costlier?

While clothes, gemstones, and mobiles phones are set to get cheaper, all imported items will become more expensive.

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.

Items That Will Become Cheaper

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.

Items That Will Become Costlier

• All imported items

• Umbrellas - Duty on umbrellas is being raised to 20 percent. The exemption to parts of umbrellas is being withdrawn.