Finance Minister Nirmala Sitharaman presented the general budget of 2020-21 on Saturday. In this budget, many big announcements have been made for different sectors. This one is a story of commodities average shoppers buy.
In the coming days, footwear-shoes, sandals and other products will become expensive. In fact, the government has increased the customs duty on footwear by 10% in the general budget. Earlier the customs duty was 25% while now it has increased to 35%.
Furniture products are also going to be expensive in the coming days. Actually, the customs duty on furniture items has been increased from 20% to 25%. That means there has been an increase of 5%.
The general budget proposes to increase the excise duty on cigarettes and other tobacco products. In such a situation, there is a possibility that tobacco products, including cigarettes, will become expensive in the coming days. However, there has been no change in the tariff rates on bidis.
Petrol-diesel, gold, cashew, auto parts, synthetic rubber, optical fibre, stainless products, loudspeakers, video recorders, PVC and tiles are expected to be expensive.
Products like AC, CCTV camera, car horn can also be expensive. Not only this, but imported medical devices will also become expensive.
The anti-dumping duty on purified terephthalic acid (PTA) has been abolished to benefit the textile sector. The basic import duty on import of newsprint and light coated paper has been reduced from 10% to 5%. Customs duties on raw materials such as fuses, chemicals and plastic have been reduced.
Customs exemption on raw sugar, forestry-animal based products, tuna bets, skimmed milk, some alcoholic beverages, soy fibre and soy protein has been withdrawn.
|Customs duty on import of newsprint, light-weight coated paper halved to 5%||Excise duty on cigarettes, tobacco products raised|
|Customs duty exemption on raw sugar, certain alcoholic beverages, soya fibre, soya protein withdrawn||Customs duty on imported footwear and furniture increased|
|Customs duty exemption on agro-animal based products, tuna bait, skimmed milk withdrawn||Health cess on import of medical equipment|
|Anti-dumping duty on purified terephthalic acid (PTA) abolished||Customs duty on wall fans increased from 7.5% to 20%|
|Customs duty on tableware, kitchenware made of porcelain or China ceramic, clay iron, steel, copper doubled to 20%|