New Delhi:
Union Finance Minister Nirmala Sitharaman on Saturday presented the Union Budget 2025-26, outling a roadmap for India’s continued economic expansion, emphasising agriculture, micro, small, and medium enterprises (MSMEs), investment, and exports. Ms Sitharaman emphasised that the Budget is dedicated to accelerating growth and driving India’s aspirations toward becoming a ‘Viksit Bharat’ (developed India).
Some items will become cheaper due to tax reductions, while others could see price hikes due to increased duties or new taxes. Ms Sitharaman proposed to exempt customs duty on life-saving drugs. Let’s take a look at what’s getting cheaper and what will be costlier:
What’s Cheaper?
Carrier Grade internet switches
36 life-saving medicines exempted from basic customs duty
Scrap of lithium-ion battery, Lead, Zinc, and 12 more critical minerals
Frozen fish
Frozen Fish Paste (Surimi) – Customs duty will be reduced from 30% to 5%
Synthetic flavouring essences
Leather belts
Leather shoes
Leather jackets
Marine products
Raw materials for manufacturing ships are exempt from basic customs duty for an additional 10 years
Cobalt products
What’s Costlier?
Interactive flat panel display
Knitted fabrics
Last year, the government made a major reduction in customs duty on cancer medicines and mobile phones, significantly bringing down their prices in the retail market. Imported gold, silver, leather goods and seafood also got cheaper. On the other hand, the government raised customs duty on ammonium nitrate by 10% and by 25% on non-biodegradable plastics.