This morning has also been brought on by inflation. Many items that the average person uses on a daily basis have become more expensive as of today. That is, you will now have to pay more for earbuds, premium headphones, a refrigerator, and a variety of other electronic devices. Smartphones and fitness bands, on the other hand, will become more affordable.
From today, there have been changes to the tax and custom duty on both expensive and inexpensive items. Finance Minister Nirmala Sitharaman announced it in Budget 2022. Let’s take a look at the entire list of items.
Let’s start with the inexpensive items.
The cost of a smartphone will decrease.
From today, a custom duty rebate of 5 to 12.5 percent will be applied to transformer parts in mobile phone chargers, camera lenses in mobile camera modules, and other accessories. This will lower the cost of producing smartphones. When manufacturing costs are low, companies can lower smartphone prices as well.
Smartwatches Will Be Less Expensive
The government has announced that smartwatch manufacturing companies will be exempt from customs duty until March 31, 2023. In such a situation, the prices of smartwatches made in the domestic plant can be seen starting today.
Fitness Bands Will Be Less Expensive
Fitness bands, like smartwatches, may see price reductions. Fitness bands are also categorised as smartwatches. In this case, all companies producing it will be eligible for a customs duty exemption until March 31, 2023.
Let’s move on to the items whose prices will rise starting today.
Wireless earbuds are going to be pricey.
The government has raised the import duty on parts used in the production of earbuds. In this case, the cost of producing earbuds could rise from where it is now. The price of wireless earbuds and neckbands will rise in tandem with the rise in production costs.
High-End Headphones Will Be Expensive As Well
In India, premium headphones were already prohibitively expensive. In such a situation, the government has announced that they will be charged a duty of more than 20% on their imports. Users will have to pay a higher price for imported premium headphones in this situation.
Price hikes in refrigerators
Summer has arrived, and almost every family requires a refrigerator. However, purchasing a refrigerator today will be costly. The government announced an increase in the import duty on compressors and other parts used in refrigerators in Budget 2022, which goes into effect today. That is to say, their prices will almost certainly rise in the future.
Automobiles will be costly.
Purchasing a car will become more expensive as of today. Tata, BMW, Toyota, Mercedes-Benz, and Audi have all announced price increases for their vehicles. All of these businesses claim that rising raw material prices are putting them under more strain. As a result, they will have to raise the prices of their vehicles by up to 4%. In January of this year, several automobile companies raised prices due to rising input costs.