Budget 2022: Let us dive deep to know how much effect will this budget have on your pocket?

Finance Minister Nirmala Sitharaman presented the General Budget 2022-23 amid the third wave of the Corona epidemic. In this budget, the government has emphasized on making the country self-reliant in the field of electronics.

Import duty has been increased on some products, due to which these products have become expensive. The government has also reduced import duty on some products. Let us dive deep to know how much effect will this budget have on your pocket.

The Finance Minister has announced concession in custom duty to promote domestic manufacturing of mobile phone chargers, mobile phone camera lenses, transformers. To give a boost to the jewelery industry as well, the government has reduced the custom duty on gems with cut and polished diamonds to 5%. No custom duty will be levied on Simply Sond Diamond. At the same time, the government has increased the duty on umbrellas to 20%.

There aren't many things that have an impact. Actually, now the GST decides the price of 90% of the things, but the effect of import duty remains on the goods imported from abroad and it is announced in the budget. Therefore, the budget announcements have an effect on the price of things like petrol, diesel, LPG, CNG and imported products like liquor, leather, gold and silver, electronic products, mobiles, chemicals, vehicles. On these, the government increases or decreases the import duty.