A large number of commonly used items, including refrigerators, air conditioners, LED lights and mobile phones, will become more expensive due to hike in customs duty on imported parts, as proposed by Finance Minister Nirmala Sitharaman in the Union Budget for 2021-22. However, gold and silver will become cheaper as a result of rationalisation in customs duty on imports of these precious metals.
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Following is a list of imported items that will become costlier: -Compressors for refrigerators and air conditioners, -LED lamps, parts and spares such as printed circuit board, -Raw silk and cotton, -Solar invertors and lanterns, -Automobile parts such as safety and toughened glasses, windscreen wipers, signalling equipment, -Mobile phone parts like PCBA, camera module, connectors, back cover, side keys, -Mobile phone charger components, -Inputs or raw materials of Lithium-ion battery, -Ink cartridges and ink spray nozzle, -Finished leather products, -Nylon Fibre and Yarn, -Plastic builder wares, -Cut and polished synthetic stones, including cut and polished cubic zirconia, List of imported items goods that will become cheaper -Gold and gold dore, -Silver and silver dore, -Other precious metals like platinum and palladium, -Medical devices imported by international organisation and diplomatic missions.
Sitharaman today proposed a sharp rise in capital expenditure for the next fiscal to Rs 5.54 lakh crore, from Rs 4.39 lakh crore in the current financial year. However, Sitharaman’s budget did not bring any relief to the middle class as income tax slabs remain unchanged.
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