As with every Budget, Union Finance Minister Nirmala Sitharaman on 1 February 2023 announced changes in customs and excise duties for various items.
Mobile phones may get cheaper as the government reduced customs duty on the camera lens and camera module parts. Customs duty has also been cut on some parts of the open cell of TV panels. Lab-grown diamonds may become cheaper with the duty reduced on their manufacturing seeds. Good news was also announced for electric car buyers as the finance minister cut customs duty on machinery for manufacture of lithium-ion cell. Also reduced was customs duty on the heating coil for making electric kitchen chimneys.
However, there are many items which may get costlier as the new rates kick in.
Cigarette prices are set to rise with the government hiking the National Calamity Contingent Duty (NCCD). Customs duty has also been increased on articles made of gold, silver, and platinum. Similarly, duty has been increased for imitation jewellery. Both internal combustion and electric vehicles in semi-knocked down form or completely built unit form are set for a customs duty hike. Bicycles, toys, and foreign-made electric kitchen chimneys are also set for a customs hike.