Finance Minister Nirmala Sitharaman, in her budget speech for the financial year 2023-24, today announced a slew of changes in customs duties that will make some items costlier and some others cheaper. The revised customs duty will be applicable with effect from February 2, 2023.
"Reduction in basic customs duty to reduce input costs, deepen value addition, to promote export competitiveness, correct inverted duty structure so as to boost domestic manufacturing etc," Sitharaman said.
"My indirect tax proposals aim to promote exports, boost domestic manufacturing, enhance domestic value addition, and encourage green energy and mobility," the finance minister added.
Items that will become cheaper
Camera: Customs duty on camera lenses and parts has been reduced from 2.5% to nil.
TV: Customs duty on the open cell of TV panels has been reduced from 5% to 2.5%.
Lab-grown diamonds: Customs duty on seeds for rough lab-grown diamonds (LGDs) has been reduced from 5% to nil.
Automobile: Customs duty on the import of specified automobile parts/components, sub-systems and tyres have been reduced to nil.
Pecan nuts: Customs duty on imports of pecan nuts have been reduced from 100% to 30%.
Aquatic Products: Customs duty on shrimp feed, fish meal, krill meal, fish lipid oil, and Algal Prime and mineral and vitamin premixes has been reduced.
Battery: Customs duty on goods/machinery for the manufacture of the lithium-ion cell has been reduced to nil.
Items that have become costlier:
Cigarettes: Tax on cigarettes has been increased to 16%.
Kitchen Chimneys: Basic customs duty on electric kitchen chimneys has been increased from 7.5% to 15%.
Jewellery: Customs duty on imports of silver, silver dore, precious metals and imitation jewellery has been increased.
Bicycle: Customs duty on the import of bicycles has been increased from 30% to 35%.
Toys: Customs duty on imports of toys has been increased from 60% to 70%.
Imported Electric Vehicle: Customs duty on the imports of electric vehicles in Semi-Knocked Down (SKD) form and Completely Built Unit (CBU) has been increased.
