Union Budget: Nirmala Sitharaman announced incentives to promote the manufacture of electronic products.
New Delhi:
Imported items and parts will become expensive, along with umbrellas and unmixed fuel from April, once Finance Minister Nirmala Sitharaman’s latest budget takes effect.
On the other hand, phone chargers and cameras, wearable technologies like smart watches, hearing aids, gems and diamonds, agricultural tools and smart meters, steel scraps and chemicals for oil refining will be cheaper.
“Electronics manufacturing has grown rapidly and tariff rates are calibrated to provide a progressive tariff structure to facilitate local manufacturing of wearables, hearing aids and electronic smart meters,” Ms. Sitharaman said. in his speech.
A 30% tax on profits from virtual currencies and assets such as non-fungible tokens (NFTs), the rollout of a state-backed “digital rupee” and 5G telecommunications services, and a strong push for infrastructure spending underlined this year’s budget.
More expensive
- Imported items
- Imitation jewelry
- Speakers, headphones and earphones
- X-ray machines
- Umbrellas
- Unmixed fuel
Cheaper
- Phone chargers and cameras
- Wearable technology like smartwatches
- Hearing aids
- Precious stones and diamonds
- Agricultural tools and smart meters
- Cocoa beans and asafoetida
- Frozen mussels and calamari
- steel scraps
- Petroleum Refining Chemicals
Source: PTI News Agency, Bloomberg