Finance Minister Nirmala Sitharaman in her Budget 2022 speech on Tuesday addressed a range of economic issues and announced various measures, plans to give a boost to the economy battered by the Covid-19 pandemic.
In her approx 1 hour and 30 minutes long speech, FM announced a few changes in the custom duties, which would impact the pocket of a common man. While numerous common-use items will see a price hike due to the same, some other products will get cheaper.
Here’s a list of imported items set to get expensive:
- Single or multiple loudspeakers
- Headphones and earphones
- Umbrella
- Imitation Jewellery
- Smart meters
- Solar cells
- Solar modules
- X-ray machines
- Parts of electronic toys
Seeing a cut in the customs duty, the following items will see a reduction in their prices:
- Clothes
- Mobile phone chargers
- Frozen mussels
- Frozen squids
- Asafoetida
- Cocoa beans
- Methyl alcohol
- Acetic acid
- Cut and polished diamonds
- Camera lens for cellular mobile phone
Among other announcements for the common man, Sitharaman gave a slight relief to the taxpayers, indicating that they can file updated return within 2 years from the end of the relevant assessment year.
However, in a setback for crypto traders, the government has decided to levy a 30 per cent tax on any income from the transfer of virtual digital assets.
The Centre will also introduce 400 new Vande Bharat trains in the next 3 years. The spectrum auctions for 5G services will be held in 2023. Sitharaman also announced e-passports with “futuristic technology” in the Budget.
