Budget 2023: List of Cheaper and Costlier Items
Updated on: Jul 23rd, 2024
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2 min read
Here is the full list of items that will get cheaper and costlier in FY 2023-24:
What’s Costlier | What’s Cheaper |
| Travel by flights | Televisions |
| Imitation jewellery | Smartphones |
| Cigarettes | Compressed gas |
| Silver dores, bars and articles | Lab-grown diamonds |
| Bicycles | Lithium-ion batteries for mobile phones |
| Electric kitchen chimney | Acid grade fluorspar |
| Compounded rubber | Shrimp feed |
| Imported vehicles and electric vehicles (EV) | Fish lipid oil used in manufacturing aquatic feed |
| Copper scrap | Machinery for making lithium ion cell in electric vehicles |
| Articles made of gold and platinum | Raw materials for making CRGO Steel, ferrous scrap and nickel cathode |
| Imported bicycles and toys | Denatured Ethyl Alcohol |
| Textiles |
- National Calamity Contingent Duty (NCCD) on specified cigarettes was increased.
- The customs duty for importing silver dore, bars and articles is increased to 10% to align the rates with the duty imposed on gold dore and platinum. Further, the tariff rate on jewellery made from precious metals including gold, silver and platinum is increased from 20% to 25%.
- The customs duty on import of seeds used in manufacturing of rough Lab-Grown Diamonds (LGD) is brought down to “0%”.
- Extension is granted to the exemption from BCD on raw materials for manufacturing CRGO steel, ferrous scrap and nickel cathode.
- The basic customs duty on the electric kitchen chimneys has been increased.
- FM reduced the basic customs duty on parts of open cells of TV panels from 5% to 2.5% to encourage domestic manufacturing of television.
- The customs duty exemption is being continued for the import of capital goods and machinery that are used for manufacturing lithium-ion cells for batteries in electric vehicles.
- Exemption is also granted for excise duty on GST-paid compressed bio-gas used in blended compressed natural gas.
- Minor changes are carried out in the basic customs duties, cesses and surcharges on certain consumables imported, such as toys, bicycles, automobiles and naphtha.
Quick Summary
The list details items getting costlier and cheaper in FY 2023-24. Changes include increased customs duty on silver items and jewelry, while exemptions are granted for raw materials in specific industries. Reduced duty on TV panel parts and kitchen chimneys. Encouragement for domestic TV manufacturing. Exemption for machinery in battery manufacturing. Minor changes in duties on consumables.
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