Mumbai: Finance Minister Nirmala Sitharaman presented the Indian Union Budget 2023-24 in Parliament today. Nirmala Sitharaman mentioned the relief or increase of custom duties on the following items.
Mobile phone production in India saw a significant increase in the last financial year. Thus, the finance minister proposed a relief on customs duty on imports of certain parts of mobile phones, including camera lenses and lithium-ion cells. Similarly, television components will become cheaper, as per the Indian Union Budget 2023.
For Promoting Diamond Industry in India, Diamond seeds used in the manufacturing of lab-grown diamonds will become cheaper. Sitharaman said, lab-grown diamond hold ‘great promise for the nation.’
Electric kitchen chimneys will become costlier. On the other hand, heat coils will become cheaper. For supporting ethanol blending and energy transitions, Denatured ethyl alcohol will become cheaper.
The largest export growth in the previous fiscal years was recorded by marine items, particularly shrimp, which benefited the farmers. As a result, the raw materials used to produce shrimp at home will be less expensive.
Gold, silver, and platinum will become costlier.
Resources being used for manufacturing CRGO steel, ferrous scrap, copper scraps, and nickel cathode will become cheaper. This is being done to promote these industries.
As per the new Union Budget, Cigarettes will become costlier.
Also Read: Budget 2023: Govt Enhances Income Tax Exemption Limit Up To Rs. 7 Lakh Under New Tax Regime
Finance Minister Nirmala Sitharaman said that under the new tax regime, the government has enhanced the income tax exemption limit up to Rs 7 lakh.
Those individuals earning between ₹2.5 lakh and ₹5 lahks have to pay a 5 percent tax. Income between ₹5 and 7.5 lakh is taxed at 10 percent, while those between ₹7.5 and 10 lakh at 15 percent. Those earning between ₹10 and 12.5 lakh have to pay tax at the rate of 20 percent, while those between ₹12.5 and ₹15 lakh have to pay at the rate of 25 percent. Income above ₹15 lakh is taxed at 30 percent.
Presenting the Budget, Nirmala Sitharaman said, “The government has proposed to reduce the highest surcharge rate from 37% to 25% under new tax regime.”
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