Finance Minister Nirmala Sitharaman on Saturday said fundamentals of the economy are strong and inflation has been well contained, while banks cleaned up accumulated loans. Presenting the Union Budget for 2020-21, she said it is aimed at boosting income and purchasing power of people.
But a large number of items including cigarettes, chewing tobacco along with imported products, like edible oils, fans, table, footwear, electric vehicles, tableware, kitchenware, toys and furniture are set to become more expensive due to hike in taxes proposed in the Union Budget for 2020-21.
Health cess on the import of medical equipment has increased as well. Custom duty on wall fans has gone up from 7.5 percent to 20 percent. Customs duty on tableware/kitchenware made of porcelain or China ceramic, clay iron, steel, copper has doubled to 20 per cent. While customs duty on import of newsprint, the lightweight coated paper has been reduced to 5 percent, thus making these cheaper.
On the other hand, newsprint, sports goods, microphone will become cheaper as Finance Minister Nirmala Sitharaman proposed reduction in duties on these items in the Budget for 2020-21.
Here’s a look at the things that are set to become costlier and cheaper
Costlier
Butter ghee, butter oil, edible oils, peanut butter
Whey, meslin, maize, sugar beet seeds, preserved potato
Chewing gum, dietary soya fibre, isolated soya protein
Walnuts (shelled)
Footwear, shavers, hair clippers, hair-removing appliances
Tableware, kitchenware, water filters, glassware
Household articles of porcelain or china
Rubies, emeralds, sapphires, rough coloured gemstones
Padlocks
Hand sieves and hand riddles
Combs, hairpins, curling pins, curling grips, hair curlers
Table fans, ceiling fans and pedestal fans
Portable blowers
Water heaters and immersion heaters
Hair dryers, hand drying apparatus and electric irons
Food grinders, ovens, cookers, cooking plates, boiling rings, grillers and roasters
Coffee and tea makers and toasters
Electro-thermic fluid heaters, devices for repelling insects and electric heating resistors
Furniture, lamps and lighting fittings
Toys, stationery item, artificial flowers, bells, gongs, statuettes, trophies
Printed Circuit Board Assembly (PCBA) of cellular mobile phones, display panel and touch assembly, fingerprint readers for use in cellular mobile phones
Cigarettes, Chewing tobacco
Cheaper
Agro-animal based products
Newsprint
Electric vehicles
Skimmed milk
Certain alcoholic beverages
Soya fiber
Raw sugar
Husbandry-based products
