On February 1, Union Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget 2023. According to official sources, some expensive commodities may witness a price increase as a result of the Centre’s increase in import duty.
According to a government insider who spoke to Economic Times, the central government will probably increase the import fee on up to 35 items after FM Sitharaman releases the Budget 2023. The majority of these items are luxury goods.
A government official said, “A list has been drawn up based on the inputs from various ministries that are being examined.” According to sources, the list includes luxury goods like jewellery, private planes, and high-end electronics.
The government has compiled a list of 35 items, which includes goods like high-end electronic devices, plastic products, high-gloss paper, jewellery, vitamins, and private jets and helicopters.
In order to reduce imports into India and support local manufacturing of some of these high-end commodities, the centre is reportedly looking to raise the import duties on a number of items, potentially raising their prices.
Additionally, the Commerce Ministry has requested a reduction in the import duty on gold from the Finance Ministry in the Budget 2023 to support the expansion and production of the gems and jewellery sector in India, according to a recent PTI report citing a government source.
According to PTI reports, sources said, “The commerce ministry has requested the finance ministry for the same as the gems and jewellery industry has recommended to the commerce ministry for a drop in the duty. To increase production and exports, the ministry has also requested that import duties on a few additional products be adjusted.
On February 1, Finance Minister Nirmala Sitharaman will present the Union Budget 2023. For the upcoming financial year, significant new changes in the GDP and other financial government policies are anticipated.
