Finance Minister Nirmala Sitharaman on February 1 made a slew of announcements with respect to customs duty for various products in the Union Budget 2023-24. For starters, FM Sitharaman has extended the customs duty cut on imports of parts of mobile phones by one year.
Furthermore, Sitharaman also announced that the customs duty exemption on manufacturing of cold-rolled grain-oriented (CRGO) steel, and ferrous scrap will continue while basic customs duty on TV panels will be reduced to 2.5 percent.
The government will also provide relief in customs duty on the import of certain parts like camera lenses and concession on the import of lithium-ion batteries to further promote mobile phone production in India.
Basic customs duty on acid-grade fluorspar is reduced from 5 percent to 2.5 percent. For Crude Glycerin, customs duty is reduced from 7.5 percent to 2.5 percent, while basic customs duty on Denatured Ethyl alcohol has been exempted.
However, basic customs duty on kitchen chimneys has been increased from 7.5 percent to 15 percent and that on heat coils reduced from 20 percent to 15 percent.
Sitharaman has also announced a 16% increase in National Calamity Contingent Duty (NCCD) on certain cigarettes.
Products which are likely to get cheaper also include imitation jewellery, aeroplanes and other aircraft
However, customers planning to buy vehicles (including electric vehicles) in semi-knocked down (SKD) form or a bicycle will have to spend slightly higher.
Notably, Gold (including gold plated with platinum) unwrought or in semi-manufactured forms, or in powder form is likely to get cheaper.
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