Imported items and parts will get expensive along with umbrellas and unblended fuel from April once Finance Minister Nirmala Sitharaman’s latest budget takes effect.
On the other hand, chargers and cameras for phones, wearable tech like smartwatches, hearing aids, gemstones and diamonds, farming tools and smart meters, steel scraps and chemicals for petroleum refining will get cheaper.
“Electronic manufacturing has been growing rapidly and customs duty rates are being calibrated to provide a graded rate structure to facilitate local manufacturing of wearable devices, hearable devices, and electronic smart meters,” Ms Sitharaman said in her speech.
A 30 per cent tax on profits from virtual currencies and assets like Non-Fungible Tokens (NFTs), the rollouts of a state-backed “digital rupee” and 5G telecom services, and a big push for spending on infrastructure underlined this year’s budget.
- Imported items
- Imitation Jewellery
- Speakers, headphones and earphones
- Solar cells and modules
- X-ray machines
- Unblended fuel
- Chargers and cameras for phones
- Wearable tech like smartwatches
- Hearing aids
- Gemstones and diamonds
- Farming tools and smart meters
- Cocoa beans and asafoetida
- Frozen mussels and squids
- Steel scraps
- Chemicals for petroleum refining