Nirmala Sitharaman, Union Finance Minister, unveiled her fifth budget, in Lok Sabha, on Feb 1, 2023. The minister announced the modifications in several duties and taxes, resulting in a bunch of items getting cheaper and some getting costlier.

Here’s a list of items that would become cheaper and the things that would burn a hole in our pockets. Take a look.

Credits: Outlook India

The items that would become cheaper:

1. The lithium-ion batteries, which are used in mobile phones, audio gadgets, and power banks, will become cheaper.

2. The government has decreased the taxes on EVs and biogas in order to encourage the use of green energy.

3. Due to the slash in the customs duty on automobiles import, automobile vehicles will now become more cheap.

4. The camera lens, which is used in mobile phones and cameras, will also become affordable. Apart from this, the government has slashed taxes on electronic items and has reduced customs duty on the import of specific inputs for mobile phone manufacturing.

5. The government will also reduce the customs duty on shrimp feed to promote exports.

6. Apart from this, expect a reduction in basic customs duty on the manufacturing of lab-grown diamonds.

7. Lastly, the custom duty on parts of open cells of TV panels will also become cheap.

Credits: EV Reporter

The items that would become expensive:

1. The first one has to be an increase in the taxes on cigarettes by a whopping 16%.

2. One can expect fully imported cars, including electric vehicles, to become more expensive.

3. Basic import duty on compounded rubber will be increased from 10% to 25%.

4. There will be a hike on items made from gold bars. In fact, imitation jewelry will also become costlier.

5. And lastly, custom duty on kitchen electric chimneys will be increased from 7.5% to 15%.

Credits: Straight

Also, people will have to shell out more bucks on imported dore, silver dore bars, and articles.