India’s Finance Minister Nirmala Sitharaman on Tuesday unveiled the budget for the next financial year starting April 1. She rationalized the basic customs duty on a string of items, making some of them dearer and others more affordable.
Mobile phones to get cheaper
Customs duty on camera lens for use in manufacture of camera module for mobile phone has been drastically lowered to 2.5%, from 10%-15% earlier. Likewise, import duty on specified parts for use in manufacture of transformers of chargers/adapters has been cut to 5%, effective February 2, 2022, from 10%-15% earlier.
Cut and polished diamonds get cheaper
Basic customs duty on cut and polished diamonds, as well as on cut and polished gemstones has been lowered to 5%, from 7.5% previously.
Electrical and electronic items get costlier
Single or multiple loudspeakers, headphones and earphones get dearer, as the Finance Minister Nirmala Sitharaman proposed a hike in their import duty from 15% to 20%.
Pure-bred breeding horses, bovine semen get cheaper
Import duty on pure-bred breeding horses has been reduced to nil, from 30% earlier, while bovine semen will now attract a 5% import tax, from 5% earlier.
Petrol, diesel, ATF, LPG
Petrol, high speed diesel (HSD), aviation turbine fuel, liquefied natural gas and liquefied petroleum gas will become cheaper. Customs duty on petrol and HSD would stand reduced to 2.5% each, from 10% earlier, while that on ATF would fall to 5% each, from 10% earlier.
Edible oils, umbrellas get costlier
Customs duty on microbial fats and oils and their fractions has been proposed to be raised to 100%, from 30% currently, while the same on umbrellas gets doubled to 20%.
Dog or cat food gets cheaper
Dogs and cats can have it easy, as the government has proposed to lower the customs duty on their food put up for retail sale to 20%, from 30% earlier.
Men’s, women's overcoats
Men's or boy's and women's or girl's overcoats would now attract a customs duty of 20%, from 25% earlier.