New Delhi: Imported goods and their parts will be costlier along with Umbrellas and unblended fuel from April 2021.

Union Finance Minister Nirmala Sitharaman present the Budget 2022, levying tax on imported items and reduced tax to electronic and mobile phone accessories. Due to these measures, electronic items will be cheaper after the Budget came into effect.

Chargers and cameras for phones, wearable tech like smartwatches, hearing aids, gemstones and diamonds, farming tools and smart meters, steel scraps and chemicals for petroleum refining will get cheaper.

“Electronic manufacturing has been growing rapidly. Customs duty rates are being calibrated to provide a graded rate structure to facilitate domestic manufacturing of wearable devices, hearable devices and 28 electronic smart meters. Duty concessions are also being given to parts of the transformer of mobile phone chargers and camera lens of mobile camera module and certain other items. This will enable domestic manufacturing of high growth electronic items”, Ms. Nirmala Sitharaman said in a Budget speech.

A 30 per cent tax on profits from virtual currencies and assets like Non-Fungible Tokens (NFTs), the rollouts of a state-backed "digital rupee" and 5G telecom services, and a big push for spending on infrastructure underlined this year's budget.

Costlier

Imported items

Imitation Jewellery

Speakers, headphones and earphones

X-ray machines

Umbrellas

Unblended fuel

Cheaper

Chargers and cameras for phones

Wearable tech like smartwatches

Hearing aids

Gemstones and diamonds

Farming tools and smart meters

Cocoa beans and asafoetida

Frozen mussels and squids

Steel scraps

Chemicals for petroleum refining