Union Finance Minister Nirmala Sitharaman delivered the Union Budget for the fiscal year beginning April 1 on Wednesday. A vast number of regularly used devices, such as kitchen electric chimneys, would become more expensive, as recommended by the finance minister in the Union Budget for 2023-24.
Here is a list of things that will become cheaper or more expensive in FY24:
- The basic customs duty on products created from gold bars has been raised.
- The customs duty on kitchen electric chimneys has been raised from 7.5% to 15%.
- The government intends to cut the basic customs tariff on seeds used in the production of lab-grown diamonds.
- To encourage exports, the government will lower customs duties on shrimp feed.
- The government will maintain a 2.5 percent basic customs duty on copper scrap.
- The government recommends capping capital gains deductions on residential real estate investments at 10 crore.
Cigarette duty has been raised, as mentioned by FM Nirmala Sitharaman. I suggest reducing the number of basic customs duty rates on non-textile and agricultural commodities from 21 to 13. As a result, some basic customs duties, cesses, and surcharges have undergone modest adjustments.
