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Budget 2020: What’s got costlier and cheaper

Budget 2020: Another focus of the Budget was giving a "level-playing field" to domestic manufacturers in a bid to boost Prime Minister Narendra Modi's ambitious 'Make in India' scheme.

By: Express Web Desk | New Delhi | Updated: February 1, 2020 6:47:06 pm
Budget 2020: Mobiles, footwear and furniture items is set to pinch your pocket more.

In a bid to boost consumption to pull the economy out of the worst slowdown in 11 years, Finance Minister Nirmala Sitharaman, presenting her second Union Budget, announced cuts in personal income tax and extended tax benefits for affordable housing.

Another focus of the Budget was giving a “level-playing field” to domestic manufacturers in a bid to boost Prime Minister Narendra Modi’s ambitious ‘Make in India’ scheme. To encourage domestic companies, Sitharaman announced that customs duty would be raised on a variety of products ranging from tableware and kitchenware to electrical appliances, footwear, furniture, stationery and toys.

Sitharaman, whose Budget speech lasted 2 hours 30 minutes — the longest by any finance minister, also proposed to impose a nominal health cess on the import of medical equipment to boost the domestic medical devices sector.

Items that will become costlier:

Imported footwear

Imported furniture — Seats, articles of bedding, including mattresses, lamps, lighting, illuminated signs

Imported medical equipment

Cigarettes, tobacco products

Household items — Tableware/kitchenware made of porcelain or China ceramic, clay iron, steel, copper, glassware, padlocks, brooms, hand sieves, combs, vacuum flasks

Electrical equipment– Fans, food grinders/mixers, shavers and hair removing appliances, water heaters, hair/hand drying apparatus, ovens, cookers, toasters, coffee/ tea makers, insect repellents, heaters, irons

Stationery items — Filing cabinets, paper trays, binders, clips, staples, sign-plates, name plates, numbers and symbols made from base metal

Parts of commercial vehicles, other than electric vehicles

Toys — Tricycles, scooters, scale models, dolls

Certain alcoholic beverages

Mobile Phones

Imported electric vehicles

Items that will become cheaper:

Light weight coated paper, newsprint

Sports goods — Willow allowed duty free import up to 3% of FOB value of sports goods exported in the preceding financial year

Anti-dumping duty on purified terephthalic acid (PTA) abolished

Raw sugar, agro-animal based products, Tuna bait, skimmed milk, soya fibre, soya protein

Microphone and parts: Microphone cartridge, microphone holder, microphone grill, microphone body

Precious metals: Platinum and Palladium

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