Budget 2023: Smoking to be costlier, custom duty on cigarettes hiked, and cameras reduced

Finance Minister Nirmala Sitharaman presented the last budget of the Narendra Modi-led government in the parliament today. While making announcements, Sitharaman said cigarettes will get more expensive. She also added that customs on kitchen chimneys will go down. Custom duty on cigarettes increased: FM Nirmala Sitharaman. “I propose to reduce the number of basic custom duty rates on goods other than textiles and agriculture, from 21 to 13. As a result, there are minor changes in the basic custom duties, cesses & surcharges on some items including toys, bicycles, and automobiles”, said FM Nirmala Sitharaman.

Shares of cigarette companies, including Godfrey Phillips India and ITC Ltd, plunged by up to 5 per cent on the BSE on after the announcement. Besides cigarette, jwellery made of gold is also going to be dearer as basic customs duty has been hiked on articles made from gold bars. However, the govt reduced basic customs duty on seeds used in manufacturing of lab-grown diamonds. For parents, there was some good news in the budget as basic custom duties have been reduced on toys, bicycles. “I propose to reduce the number of basic custom duty rates on goods other than textiles and agriculture, from 21 to 13. As a result, there are minor changes in the basic custom duties,  and surcharges on some items including toys, bicycles, automobiles,” said Sitharaman.