Union Budget 2023: What’s Cheaper, What’s Costlier? Union Finance Minister Nirmala Sitharaman presented the Union Budget for the fiscal year 2023-24 in Parliament on Wednesday. The budget presentation came a day after the Economic Survey 2022-23 was tabled in Parliament. This is the fifth consecutive Union Budget to be presented by Sitharaman, and the Centre’s last full-fledged Budget before the Lok Sabha polls early next year.
Like every year, this year too, people had their eyes set on how the Union Budget will impact their daily spending and affect the pocket of the common man. What impacts any imported item getting cheaper or dearer, is the decreased or increased cess duty on it.
Also Read: ‘Attractive Makeover’ of New Tax Regime with Slab Change in Budget 2023
Here’s what got cheaper and dearer in Union Budget 2023-24:
Like the previous two years, this year as well, a paperless budget will be presented by Sitharaman, which will be available to people via a mobile application on both android and iOS smartphones.
As Sitharaman listed out the increased and decreased customs duty on some products, she said, “I propose to reduce the number of basic custom duty rates on goods other than textiles and agriculture, from 21% to 13%. As a result, there are minor changes in the basic customs duties, cesses and surcharges on some items including toys, bicycles, and automobiles.”
NCCD is a surcharge and a type of excise duty which can be levied independently of the excise duty as contemplated under the provisions of the Fourth Schedule to the Central Excise Act, of 1944.
According to a report by the Economic Times, several non-essential items were expected to get costlier in this fiscal year. Private jets, helicopters, jewellery, high end electronic items, high gloss paper and vitamins were among the 35 items expected to get dearer. The list of these non-essential items has been created upon recommendations by several ministries.
A look at what got cheaper and dearer in recent years (2020,2021,2022):
Here’s what got dearer and cheaper in 2022:
Here’s what got dearer and cheaper in 2021:
Here’s what got cheaper and dearer in 2020:
According to a report by Free Press Journal, this year’s budget is expected to come with a significant reduction of $17 billion in subsidies provided for food and fertiliser. Given how rains and floods affect crops every year and the higher input cost for agriculture, food inflation can also worsen this year.
The wardrobe or clothes industry seeks a fund for the cost stabilisation of cotton, along with another PLI scheme as an alternative to tech upgradation. It also wants the removal of 11% import duty on cotton and seeks to restore duty-free imports against exports. How Budget 2023 impacts these demands, will affect the cost of clothes and apparel for the year.
When it comes to the cost of housing, the possible reduction of GST on supplies such as cement and steel will also impact the construction cost, which can allow developers to provide low-cost housing.
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