Union Budget 2023: What Gets Expensive And What Gets Cheaper

Union Finance Minister Nirmala Sitharaman presented the Union Budget on February 1, 2023 for the fiscal year beginning April 1, 2023. Infrastructure emerged as the topmost priority for the Narendra Modi government as the finance minister said that the budget for 2023-2024 will lay the foundation for economic growth through public investment.

Union Minister of Finance and Corporate Affairs Smt Nirmala Sitharaman, MoS Dr Bhagwat Kishanrao Karad, MoS Shri Pankaj Chaudhary and senior officials of the Ministry of Finance called on President Droupadi Murmu at Rashtrapati Bhavan before presenting the Union Budget 2023-24. pic.twitter.com/Nun9hhaVyi

— President of India (@rashtrapatibhvn) February 1, 2023

In the past nine years, the Indian economy has grown to be the fifth-largest in the world. Seven priorities, including inclusive and green growth, are adopted in the budget. Nirmala Sitharaman, who presented the budget, also noted that the agriculture target has been increased to ₹202 trillion for 2023-2024. Take a look at the items/goods that will become cheaper and costlier.

What Gets Costlier:-

• Silver
• Gold
• Diamond
• Platinum
• Cigarettes
• Import duty increased on rubber
• Custom duty increased on kitchen electric chimney

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What Gets Cheaper:-

• Mobiles
• Automobiles
• Laptops
• Camera lenses
• Electronics items
• Electric vehicles
• Lithium-ion batteries
• Customs duty on parts of open cells of TV panels
• Customs duty relief on kitchen coil.
• Customs duty on shrimp feed

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Personal Income Tax: New tax rates : -
Rs 0 to 3 lakhs - nil
Rs 3 to 6 lakhs - 5%
Rs 6 to 9 Lakhs - 10%
Rs 9 to 12 Lakhs - 15%
Rs 12 to 15 Lakhs - 20%
Rs 15+ Lakhs - 30%#UnionBudget2023#Budget2023pic.twitter.com/tjmX1vRTDa

— Harry Potter (@porterharri1) February 1, 2023

Nirmala Sitharaman mentioned that the Indian economy is on the right track and has a promising future. She proposed significant changes to the tax slabs under the new tax regime, as well as significant increases for capital spending and the railways, as a boost to the economy and taxpayers. (FM: Budget 2023 Aims At Empowerment Of Women)

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