Budget 2023: Prices of THESE commodities could be hiked from February; list included jewellery, electronics

view original post

© Provided by DNA

Union Finance Minister Nirmala Sitharaman is set to announce the Union Budget 2023 on February 1, and official sources have said that several expensive commodities can see a price hike after the increase in import duty by the Centre.

After the Budget 2023 is announced by FM Sitharaman, the central government is likely to hike the import duty on as many as 35 items, most of which are luxury commodities, as confirmed by a government official to Economic Times.

Economic Times quoted the government official as saying, “A list has been drawn up based on the inputs from various ministries that are being examined.” The list includes items like jewelry, private planes, and high-end electronics, as per sources.

A list of 35 items has been drawn up by the government, which includes commodities like private jets, helicopters, jewellery, vitamins, high-end electronic items, plastic goods, and high-gloss paper, according to Economic Times.

According to the government official, the centre is seeking to increase the import charges on several items, potentially making them more expensive, to cut imports in India and promote local manufacturing of some of these high-end commodities.

Further, a recent PTI report quoted a government source as saying that the commerce ministry has also sought a reduction in the import duty on gold from the Finance Ministry in the Budget 2023 to push the growth and manufacturing of the gems and jewelry sector in India.

As per PTI reports, sources said, “As the gems and jewellery industry has recommended the commerce ministry for a cut in the duty, the commerce ministry has urged the finance ministry for the same. The ministry has also asked for tweaking import duty on certain other products to boost manufacturing and exports.”

The Union Budget 2023 will be announced by Finance Minister Nirmala Sitharaman on February 1, with many new changes in the GDP and other financial government policies expected for the upcoming financial year.

(With inputs from agencies)

READ | Why retirement planning is essential for a comfortable and fulfilling future