From cigarettes to smartphones, here's what will cost more and become cheaper from April 1

The announcement made by the Union Finance Minister Nirmala Sitharaman during the presentation of Union Budget 2023-24 will be implemented from April 1, 2023, since it will mark the beginning of the new financial year. This budget holds much significance for the ruling Bharatiya Janata Party (BJP) since it was the last full-fledged budget before the 2024 Loksabha elections. 

During the tabling of this year's Union Budget, some changes were made in the taxes, customs duties and tax slabs, which are going to affect the prices of different commodities in the retail market. While some certain commodities will get expensive from April 1st, some will get cheaper too. Let's check on the commodities, which will get expensive or cheaper from next month.

List of things getting cheaper and expensive from April 1st

Things that will get costlier

According to the Budget 2023-24, cigarettes, silver, imitation jewellery, things made from gold bars, platinum, electric kitchen chimneys, imported toys and bicycles and imported electronic vehicles will get expensive from April 1st. 

It was announced in the budget that there will be an increase in the customs duty on specified cigarettes by 16 percent. The duty taxes on gems and jewellery made of gold bars and platinum, import duty on silver bars and articles, and the price of brass and other imitations was also announced to be increased, making the price of imitation jewellery move upward. 

Further, import duty on kitchen chimneys was increased from 7.5 percent to 15 percent, making it costlier. Customs duty on the import of electric vehicles, cars and motorbikes was increased, wherein landed cost of less than USD 40,000 will be taxed at 70 percent from the previous 60 percent. 

Things that will get cheaper 

As per the provisions made in the budget, mobile phones, televisions manufactured in India, lithium-ion batteries, electronics vehicles manufactured in India, camera lenses, toys and bicycles manufactured in India and lab-grown diamond seeds will become cheaper than the previous year. 

From April 1, prices of television will go down a bit, since the primary customs duty on parts of open cell television panels has been reduced to 2.5% from the existing 5%. An exemption of customs duties on the import of capital goods and pieces of machinery for manufacturing lithium-ion batteries will be implemented from April 1, which will impact the prices of Indian-manufactured electronic vehicles. 

Apart from this, the reduction of basic customs duties on certain parts of camera lenses and parts of mobile phones will make mobile phones cheaper from April 1. Additionally, customs duties on the seeds required for lab-grown diamonds have been reduced from 5% to nil.