Budget 2022: Check how change in custom duty will affect prices of food items and gadgets
With changes in customs duty, imports become more expensive or cheaper usually depending on the change. It will come into effect from May 1, 2022. The Union Budget for 2022-23, which was presented by Finance Minister Nirmala Sitharaman on Tuesday saw a host of changes in customs duty on several items. This would mean that imports become more expensive or cheaper usually depending on the change in customs duties. Finance Minister proposed a customs duty cut on certain chemicals, including methanol to promote domestic manufacturing. Cut and polished diamonds and gemstones will get a 5% reduction in customs duty. The tariff changes will come into effect from May 1, 2022, as per the Finance Bill 2022-23. Items that will become costly In edible oils category, microbial fats and oils and their fractions have gone up from 30% to 100%. The Custom duty for umbrellas has gone up from 10% to 20%. The Custom duty for single or multiple loudspeakers is up from 15% to 20%....