Prices of mobile phones and TV sets manufactured in India are set to come down after Finance Minister Nirmala Sitharaman announced a reduction in basic customs duty on import of their components. However, after this budget, the pocket of cigarette lovers is going to be loose because the government has increased the tax on them.
Fully imported cars including electric vehicles and vehicles assembled in India with the help of imported components will become costlier as the Finance Minister has proposed to increase customs duty on these.
Some of the products that will be cheaper after the customs duty reduction are:
– Domestically manufactured TV sets
– Prawn meal
– Fish oil used in the manufacture of aquatic animal feed – Used in the manufacture of
diamonds in the laboratory Raw materials
– Capital goods
– Machinery used in the manufacture of lithium ion cells used in electric vehicles.
