Union Budget 2020: Cigarettes, tobacco, footwear costlier; imported newsprint, raw sugar, agro products, skimmed milk cheaper

Here’s a look at the things that are set to become costly and those whose prices will see a drop after the presentation of Union Budget 2020 in Parliament.

NEW DELHI: Union Finance Minister Nirmala Sitharaman on Saturday (February 1) presented the Union Budget 2020 in Parliament announcing a big relief to individual taxpayers as income tax rates were slashed with some riders. In her budget speech, Sitharaman said, ''Exemptions from customs duty has been given in public interest from time to time. On review, some exemptions are being withdrawn. Rest will be reviewed after September 2020.''

After the introduction of new tax slabs and withdrawal of customs duty exemption from various products, here's what got cheaper and what will cost more to the common public after the Budget 2020-21. 

While at the same time, other items such as raw sugar, agro-animal based products, Tuna bait, skimmed milk, certain alcoholic beverages, soya fibre will now become cheaper. Here’s a look at the things that are set to become costly and those whose prices will see a drop.

Dearer:

1. Cigarettes, Tobacco products: FM raised excise duty on both.

2. Footwear: Customer duty on imported footwear hiked

3. Furniture: Customs duty on imported furniture increased.

4. Medical equipment: Health cess to be levied on import of medical equipment.

5. Wall fans: Customs duty on wall fans increased from to 20% from 7.5% earlier.

6. Kitchenware, tableware: Customs duty on tableware, kitchenware made of porcelain or China ceramic, clay iron, steel, copper doubled to 20%. 

7. Auto parts, chemicals: Customs duty on certain goods like auto-parts and chemicals has gone up.

Cheaper:

1. Imported newsprint, lightweight coated paper: Customs duty on import halved to 5%.

2. Purified terephthalic acid (PTA): Anti-dumping duty on PTA abolished.

3. Raw Sugar, agro-animal based products, Tuna bait, skimmed milk, certain alcoholic beverages, soya fibre, soya protein: Customs duty exemption withdrawn.

It is worth mentioning at the beginning of the Budget Speech, Finance Minister Nirmala Sitharaman said that this budget was aimed at boosting incomes and enhancing the purchasing power of the common man.