Budget 2022: Check how change in custom duty will affect prices of food items and gadgets

The Union Budget for 2022-23, which was presented by Finance Minister Nirmala Sitharaman on Tuesday saw a host of changes in customs duty on several items. This would mean that imports become more expensive or cheaper usually depending on the change in customs duties.

Finance Minister proposed a customs duty cut on certain chemicals, including methanol to promote domestic manufacturing. Cut and polished diamonds and gemstones will get a 5% reduction in customs duty. The tariff changes will come into effect from May 1, 2022, as per the Finance Bill 2022-23.

Items that will become costly

In edible oils category, microbial fats and oils and their fractions have gone up from 30% to 100%.

The Custom duty for umbrellas has gone up from 10% to 20%.

The Custom duty for single or multiple loudspeakers is up from 15% to 20%.

Unblended fuel to attract additional excise duty of Rs 2/litre from October 1, 2022.

Headphones and earphones, whether or not combined with a microphone has also gone up from 15% to 20%

Sets consisting of a microphone and one or more loudspeaker has also gone up from 15% to 20%.

Items that will become cheaper

Cashew nuts will become cheaper as import duties have been cut from 30% to 2.5%.

Pistachios are down from 30% to 10 % and soft dates is reduced from 30% to 20%.

Imported oranges, lemons and limes down from 40% to 30%.

Imported fresh grapes down from 35% to 30%, fresh pears, fresh quinces down from 35% to 30%.

Imported pepper is reduced from 70% to 30% while clove is down from 70% to 35%.

Sweet biscuits, waffles and wafers are down from 45% to 30%.

Dog or cat food, put up for retail sale, is down from 30% to 20% in customs duties.