Several items including footwear, furniture, ciagarettes and more got costlier as Finance Minister Nirmala Sitharaman announced a custom duty hike on several items. Excise duty on cigarettes and other tobacco products was incured by the way of National Calamity Contingent Duty. Meanwhile, customs duty on footwear and furniture was increased to limit their import and encourage employment generation in these sectors.
"Exemptions from customs duty have been given in public interest from time to time. However, a number of these have outlived their utility or have become outdated. On review, certain such exemptions are being withdrawn," FM Sitharaman said.
Meanwhile, customs duty on newsprint and lightweight coated paper was halved to 5 per cent. The government had imposed a customs duty of 10 per cent on these two items in the last Budget.
"However, since then I have received several references that this levy has put additional burden on print media at a time when it is going through a difficult phase. I, therefore, propose to reduce basic customs duty on imports of news print and light-weight coated paper from 10 per cent to 5 per cent," the Finance Minister added.
Here's a look at what got cheaper and what became costlier in Union Budget 2020-21.
FULL COVERAGE:Union Budget 2020
What got cheaper
- Raw sugar
- Newsprint and lightweight coated paper
- Purified terephthalic acid (PTA)
- Agro-animal based products, tuna bait, skimmed milk
- Cigarettes and other tobacco products
- Specified goods used in refrigerators and air conditioners
- Automobile, auto parts
- Imported food processing items
- Imported medical equipment
- Wall fansTableware and kitchenware
- Crude palm oil