New Delhi: Finance Minister Nirmala Sitharaman in her maiden Budget speech has announced a slew of items that will become costlier as well as cheaper.
The most important item that will become costlier are petrol and diesel prices –the prices of which are set to rise as more excise duty will be be levied upon them by the government. Another item to fall under costlier list is the custom duty on gold and other precious metals.
As part of road and infrastructure cess (customs), the government has decided to hike the cess on the fuel products from Rs 8 per litre to Rs 9 per litre.
I propose to increase Special Additional Excise duty and Road and Infrastructure Cess each by one rupee a litre on petrol and diesel,” FM Sitharaman had said in her Budget speech.
The Finance Minister has also proposed to increase custom duty on gold and other precious metals from 10 percent to 12.5 percent.
In order to provide domestic industry a level playing field, the FM said basic customs duty is being increased on items such as cashew kernels, PVC, Vinyl flooring, tiles, metal fittings, mountings for furniture, auto parts, certain kinds of synthetic rubbers, marble slabs, optical fibre cable, CCTV camera, IP camera, digital and network video recorders etc.
Also, exemptions from custom duty on certain electronic items which are now being manufactured in India are being withdrawn.
Major Items that will become cheaper
Reduction in Customs duty on inputs and raw materials
Naphtha: From 5 percent to 4 percent
Methyloxirane: From 7.5 percent to 5 percent
Ethylene dichloride: From 2 percent to Nil
Raw materials used in manufacture of Preform of Silica: From Applicable rate to Nil
Wool fibre, Wool Tops : From 5 percent to 2.5 percent
Capital goods used for manufacturing Populated PCBA, Camera module of cellular mobile phones, Charger/Adapter of cellular mobile phone, Lithium Ion Cell, Display Module, Set Top Box, compact Camera Module : From Applicable rate to Nil
Specified Military equipment and their parts imported by Ministry of Defence or Armed forces : From Applicable rate to Nil
Raw material, parts or accessories for use manufacture of artificial kidneys, disposable sterilized dialyzer and micro-barrier of artificial kidney : From Applicable rate to Nil
All forms of Uranium ores and concentrates, for generation of nuclear power: From 2.5 percent to Nil
Parts for exclusive use Electric vehicles - E-drive assembly, On board charger, E compressor, Charging Gun : From Applicable rateto Nil
Items that are getting costlier
Cashew kernels, broken: From Rs 60 per kg or 45% whichever is higher to 70 percent
Newsprint, Uncoated paper used for printing of newspapers, Lightweight coated paper used for
magazines: From Nil to 10 percent
Ceramic roofing tiles and ceramic flags and pavings, hearth or wall tiles etc : From percent to percent : From 10 percent to 15 percent
Stainless steel products: From 5 percent to 7.5 percent
Base metal fittings, mountings and similar articles suitable for furniture, doors, staircases, windows, blinds, hinge for auto mobiles: From 10 percent to 15 percent
Indoor and outdoor unit of split system air conditioner : From 10 percent to 20 percent
Stone crushing (cone type) plants for the construction of roads : From Nil to 7.5 percent
Charger/ power adapter of CCTV camera/ IP camera and DVR / NVR : From Nil to 15 percent
Loudspeaker: From 10 percent to 15 percent
Digital Video Recorder (DVR) and Network Video Recorder (NVR) : From 15 percent to 20 percent
CCTV camera and IP camera : From 15 percent to 20 percent
Optical Fibres, optical fibre bundles and cables : From 10 percent to 15 percent
Marble Slabs: From 20 percent to 40 percent
Petroleum crude: From Nil to Re 1 per tonne
Specified electronic goods such as switches, sockets, plugs, connectors, relays: From Nil to Applicable rate
Silver (including silver plated with gold or platinum) unwrought or in semimanufactured
forms, or in powder form : From 10 percent to 12.50 percent
Silver dore bar, having silver content not exceeding 95% : From 8.50 percent to 11 percent
Base metals clad with silver, not further worked than semi-manufactured : From 10 percent to 12.50 percent
Gold (including gold plated with platinum) unwrought or in semi-manufactured forms, or in powder form : From 10 percent to 12.50 percent
Gold dore bar, having gold content not exceeding 95% : From 9.35 percent to 11.85 percent
Base metals or silver, clad with gold, not further worked than semi-manufactured : From 10 percent to 12.50 percent
Platinum, unwrought or in semi-manufactured forms, or in powder form [ other than Rhodium] : From 10 percent to 12.50 percent
Base metals, silver or gold, clad with platinum, not further worked than semimanufactured : From 10 percent to 12.50 percent
Waste and scrap of precious metals or of metal clad with precious metals; other waste
and scrap containing precious metal compounds, of a kind used principally for the recovery of precious metal: From 10 percent to 12.50 percent
Gold and Silver imported by an eligible passenger as baggage : From 10 percent to 12.50 percent
Motor spirit commonly known as petrol, High speed diesel oil : From Rs 8 per litre to Rs 9 per litre