+

Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Close
HomeQuizzoneWhatsappShare Flash Reads
 

Diamonds will now be cheaper, imitation jewellery and umbrellas costlier – here are the highlights on how Budget 2022 will impact imports

Feb 1, 2022, 17:56 IST
Business Insider India
Diamonds could get cheaper nowUnsplash
  • Finance minister Nirmala Sitharaman on Tuesday unveiled Budget 2022, including several announcements on import duties.
  • From diamonds to cotton, there were several announcements to control costs and encourage domestic manufacturing in certain sectors.
  • Here are all the key highlights on customs duty in Budget 2022.
Advertisement
Diamonds will now be cheaper to purchase in India, while imitation jewellery and umbrellas are amongst things that will get costlier going forward, according to Finance Minister Nirmala Sitharaman’s announcements in Budget 2022.

Making the announcement, Sitharaman said that the import duty on diamonds will be reduced to 5% from the current rate of 10%.

On the other hand, imported imitation jewellery will now attract customs duty of ₹400 per kg.

Umbrellas, too, will attract an import duty of 20%, up from 10% currently.

Here’s how other imports will change going forward:

  • Phones and phone chargers could get cheaper as exemptions on certain parts have been provided to encourage domestic manufacturing.
  • Wearables, hearable devices and electronic smart meters could get cheaper as the government is calibrating the rates to provide a graded rate structure.
  • Customs duty on certain critical chemicals namely methanol, acetic acid and heavy feed stocks for petroleum refining are being reduced.
  • Capital goods could get costlier as the government has proposed to phase out concessional rates, instead charging customs duty at 7.5%.
  • To encourage exports, the government has announced exemptions for inputs for exports of handicrafts, textile and leather garments and leather footwear. These inputs include embellishment, trimming, fasteners, buttons, zipper, lining material, specified leather, furniture fittings and packaging boxes.
SEE ALSO:

Union Budget 2022: These are the biggest highlights from the Finance Minister’s speech

Finance ministry proposes to extend tax holiday for startups by another year

5G spectrum auctions in 2022, commercial 5G rollout by 2022-23
Advertisement

You are subscribed to notifications!
Looks like you've blocked notifications!
Next Article