Mumbai, February 1: Union Finance Minister Nirmala Sitharaman on Wednesday presented the Union Budget for 2023-24 in which she proposed to reduce the number of Basic Custom Duty (BCD) rates on goods, other than textiles and agriculture, from 21% to 13%. In the Budget, she also proposed to increase custom duty on select products like cigarettes. Following a revision in custom duty, some commodities will get costlier and some will become cheaper. Here's a list of what expensive and cheaper following the Budget.

While addressing the parliament, in what could be seen as Narendra Modi-led government's last budget before the 2024 Lok Sabha elections next year, Sitharaman said that Indian economy is on the right track and has went on to become the 5th largest economy in the world. Meanwhile, the highlight of the budget was the fact that Sitharaman said that cigarettes will get more expensive. Budget 2023: Netizens Share Funny Memes and Jokes After FM Nirmala Sitharaman Announces Custom Duty on Cigarettes.

Besides cigarettes, prices of many others products were either raised or dropped. Let's find out what's cheaper and what will be costlier.

List of Things To Get Cheaper:

Camera lenses: Sitharaman announced relief from customs duty for camera lenses for the next 1 year.

TV Sets: Yes, TVs are likely to get cheaper as the customs duty on TV parts have been reduced to 2.5 percent from 5 percent.

Shrimp feeds to get cheap: The Finance Minister reduced customs duty on shrimp feed inputs.

Besides the above mentioned items, lithium ion batteries, denatured ethyl alcohol, acid-grade fluorspar, domestic manufacture of shrimp and seeds used in the manufacture of diamonds all have got cheaper. New Income Tax Slabs 2023-24: Income Tax Exemption Limit, Rebate Under Section 87A Raised in New Tax Regime; Check Full Details Here.

List of Commodities That Got Costlier and Cheaper:

List of Things That Will Get Costlier:

Cigarettes will get expensive as FM Nirmala Sitharaman announced custom duty on cigarettes by 16 percent. Electric kitchen chimney, articles made of gold, platinum and silver, copper scrap, and compounded rubber have all got costlier.

(The above story first appeared on LatestLY on Feb 01, 2023 12:57 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).