Bhubaneswar: With the Union Budget 2019-20 presented by Finance Minister Nirmala Sitharaman on Friday in Lok Sabha, most of the goods will turn costlier putting huge burden on the taxpayers in the country.
While the government increased cess on petrol and diesel by Re 1 per litre, the customs duty on gold rose to 12.5% from 10%.
The FM in her speech said that the high customs duty on gold and precious metals will mobilise resources.
The government also raised customs duty on products including tiles, imported cashew kernels, vinyl flooring, automobile parts, metal fittings, CCTV camera, digital camera, imported books, marble slabs, tobacco products and imported loudspeakers.
However, Sitharaman proposed to reduce customs duty on certain goods to promote domestic manufacturing including amorphous alloy ribbon, ethylene di-chloride, propylene oxide, cobalt matte, naphtha, wool fibres, inputs for manufacture of artificial kidney and disposable sterilised dialyser, and fuels for nuclear power plants.
Here’s the list of products turning costlier/cheaper in Union Budget 2019
Imported gold and precious metals
CCTV and IP cameras
Digital and network video recorders
Imported split ACs
Imported cashew kernels
Imported automobile parts
Imported plugs, sockets, switches
Mountings for furniture
Certain kinds of synthetic rubbers
Optical fibre cable
Raw material for artificial kidney
Imported wool fiber
Imported defence equipment
Fuels for nuclear power plants