Union Budget 2023: In India, on 1 February 2023, Finance Minister Nirmala Sitharaman presented the fifth budget of her tenure (Budget 2023). Mobile phone prices in India may drop in coming days, while buying silver may become expensive. In fact, the government has reduced the import duty on some parts of mobile phones and increased the duty on gold and silver. In such a situation, the burden of things in the pocket of the common man is going to be lightened. Let us know about this in detail.
The price of these things will be lower in the electronic market
- Import duties on products used to make lithium-ion batteries have been reduced, which will make lithium batteries cheaper.
- Custom duty on open sale parts of TV panels has been reduced from 5% to 2.5%, which will make TVs cheaper.
- Tariffs have been reduced on some parts of mobile phone manufacturing, which will reduce the price of mobile phones.
- Camera lenses are said to be cheaper in the new budget. This means you can now buy good photo and video capturing phones with good lenses at low prices.
These things will be priced in the electronic market
Custom duty on kitchen electric fireplaces has been increased from 7.5% to 15%, which will make electric fireplaces more expensive.
90% of goods under GST
You must have noticed that there are many products which are neither expensive nor cheap in the budget. This is because of the Goods and Services Tax i.e. GST. After 2017, about 90% of the value of goods is dependent on GST, which is determined by the GST Council. Currently the tax slab of GST has four rates (5%, 12%, 18% and 28%). All decisions regarding GST are taken by the GST Council.