Finance minister Nirmala Sitharaman presented the Union Budget 2020 in the Parliament on Saturday with the key announcements being the new tax slabs, proposal to raise banks' deposit insurance, LIC IPO launch, among others.

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The government vowed to boost the income of Indians and their purchasing power, in a bid to revive domestic economic growth that has slumped.

Among the things that got costlier are cigarettes, tobacco products, medical equipments and others due to hike in taxes while the items that will become cheaper include raw sugar, agro-animal based products, tuna bait, skimmed milk, select alcoholic beverages, among others.

Here are the items that will become cheaper and costlier:

Expensive

Sitharaman proposed to increase excise duty on cigarettes across various lengths and tobacco products.

Customs duty on footwear hiked to 35 percent from 25 percent.

Customs duty on furniture goods hiked to 25 percent.

Customs duty on specified goods used in refrigerators and AC hiked to 12.5 percent vs 10 percent.

Customs duty on auto, auto parts raised by up to 10 percent.

Customs duty on import of food processing items raised to 100 percent.

Health cess of 5 percent announced on import of medical equipment.

Increase in customs duty on wall fans from 7.5 percent to 20 percent.

Customs duty on tableware and kitchenware doubled to 20 percent.

Import tax on crude palm oil raised to 44 percent.

Customs duty on paper trays, binders, clips, staples, etc raised to 20 percent from 10 percent.

Customs duty on certain toys raised to 60 percent from 20 percent.

Cheap

Customs duty on import of newsprint, lightweight coated paper halved to 5 percent.

Anti-dumping duty on purified terephthalic acid (PTA) done away with.

Exemption on customs duty for tuna bait, skimmed milk.

Customs duty reduced on sports goods.

Customs duty reduced on microphones, electric vehicles

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First Published:Feb 1, 2020 3:26 PM IST