New Delhi: Today the Narendra Modi government has presented the budget for the year 2022. Finance Minister Nirmala Sitharaman made many announcements in this budget. The Finance Minister told that these things became cheap in the house, it became expensive during presenting the budget. He talked about increasing and reducing various types of duties including custom duty, import duty on many things. The main things are-
These items are cheaper:
Leather, textiles, agricultural goods, packaging boxes, mobile phone chargers and gems and jewelery will be cheaper. Custom duty on gems and jewelery has been reduced to 5 per cent. Custom duty on cut and polished diamonds has also been reduced to 5 per cent. Custom duty exemption on steel scrap has been extended for one year to provide support to MSMEs. Also the custom duty on mentha oil was reduced. It will also be cheaper than this. Keeping in view the vocal on local, custom duty has been waived on mobile phone chargers, transformers etc. to encourage domestic manufacturing.
These items are expensive-
At the same time, 7.5 percent import duty has been imposed on capital goods, eliminating the exemption in import duty. Foreign umbrella will also be expensive. Custom duty on imitation jewelery has also been increased, so that its import can be reduced.