Union Budget 2022: What got expensive and what's cheaper

The Union Budget 2022 announced by Finance Minister Nirmala Sitharaman had significant announcements on infrastructure, start-ups, tax, education, healthcare, and more. There were also announcements on essential everyday items such as household goods, jewellery, manufacturing and agricultural tools, among several others. 

Read on to find out the new customs provisions, what got more expensive, and what is now cheaper after the budget. 

Also Read: Union Budget 2022: Key Highlights

List of items that got more expensive

The customs duty on umbrellas has been raised to 20%, increasing the price of the commodity.
Customs duties on all imported items have increased. The following products will now be more expensive: 

• Imitation jewellery
• Smart meters
• Single and multiple loudspeakers
• Fuel without blending
• Headphones 
• Earphones
• Solar cells
• X-ray machines
• Solar modules
• Parts of electronic toys

In addition to this, the government has announced a 30% income tax on digital assets like cryptocurrencies with no offsetting of losses, increasing the costs involved for traders to a great extent. 

Also Read: A Look At Change In Income Tax Slabs In 5 Years

List of items that got cheaper

While some items have become more expensive, the prices of many others will be reduced. Here’s a look at what got cheaper:

• Gemstones and diamonds will be cheaper in the future with a 5% cut on customs duty on cut and polished diamonds and gemstones.
• Exemptions for advanced types of machinery manufactured outside the country to continue as before. 
• Customs duty exemptions on steel scrap introduced last year will be extended for another year. 
• Other items mentioned in the budget that will now be cheaper include: 
• Clothes
• Camera lens for cellular mobile phones
• Mobile phones 
• Leather items
• Mobile chargers
• Frozen mussels
• Frozen squid
• Asafoetida
• Cocoa beans
• Methyl alcohol
• Acetic acid
• Chemicals for petroleum products
• Electronic items 
• Electric transformers
• Imported machines 
• Agriculture equipment
• Medicines
• Medical equipment 

Also Read: Highlights Of Union Budget 2021-22

Last words

The Government of India plans to phase out more than 350 customs duty exemptions in the coming years. The resulting changes in the prices of these products will likely impact several businesses and households. While some customs duty cuts can help you save money, the hikes may come in the way of your budget. So try to make good financial decisions.