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How Union Budget 2023 Impacts Prices Of Various Products!
By: Tupaki Desk | 1 Feb 2023 4:30 PM GMT
Putting an end to the long wait, the Union Government tabled the much-awaited budget today. The budget brought a big relief to middle-class people, be it increasing the tax rebate limit or reducing the tax the employees have to pay as per the income they get.
On top of this, the cost of things that are used by the majority of the people in the nation. As the tax on imports was increased and decreased on a few things the prices went up for a few and came down for a few. Now let us look at how the Union Budget impacted the prices of things.
Items Which will see a hike as per the new Budget:
Gold, Platinum, and Silver items
Copper Bars
Cigarettes
Tires And Rubbers
Electric Chimneys
Items will Get Cheaper As Per New Budget
Mobile, Laptop, DSLR Camera Lens
TV Panel Parts
Lithium Ion Batteries
Electric vehicles
Local Made Prawns Food
Gemstones
The prices of Gold and Silver will go up as the import duty was increased on the Silver bars. Silver and Gold are among the most bought things by the majority of Indians as an investment. But they will not see a jump in their prices.
"Customs Duties on dore and bars of gold and platinum were increased earlier this fiscal. I now propose to increase the duties on articles made therefrom to enhance the duty differential. I also propose to increase the import duty on silver dore, bars and articles to align them with that on gold and platinum," Nirmala Sitharaman said while tabling the Budget.
Lok Sabha polls are slated for commencement next year as the Bharatiya Janata Party has been facing criticism that its policies prefer only the rich people and the middle-class people get ignored all the time.
It appears that the saffron party kept the next Lok Sabha polls in mind and prepared the budget. Besides increasing the tax limit, the amount people will have to pay as a tax based on their income was also decreased. The Union Budget gives a big relief to middle-class people and families.
On top of this, the cost of things that are used by the majority of the people in the nation. As the tax on imports was increased and decreased on a few things the prices went up for a few and came down for a few. Now let us look at how the Union Budget impacted the prices of things.
Items Which will see a hike as per the new Budget:
Gold, Platinum, and Silver items
Copper Bars
Cigarettes
Tires And Rubbers
Electric Chimneys
Items will Get Cheaper As Per New Budget
Mobile, Laptop, DSLR Camera Lens
TV Panel Parts
Lithium Ion Batteries
Electric vehicles
Local Made Prawns Food
Gemstones
The prices of Gold and Silver will go up as the import duty was increased on the Silver bars. Silver and Gold are among the most bought things by the majority of Indians as an investment. But they will not see a jump in their prices.
"Customs Duties on dore and bars of gold and platinum were increased earlier this fiscal. I now propose to increase the duties on articles made therefrom to enhance the duty differential. I also propose to increase the import duty on silver dore, bars and articles to align them with that on gold and platinum," Nirmala Sitharaman said while tabling the Budget.
Lok Sabha polls are slated for commencement next year as the Bharatiya Janata Party has been facing criticism that its policies prefer only the rich people and the middle-class people get ignored all the time.
It appears that the saffron party kept the next Lok Sabha polls in mind and prepared the budget. Besides increasing the tax limit, the amount people will have to pay as a tax based on their income was also decreased. The Union Budget gives a big relief to middle-class people and families.
