New financial year has arrived.. From gold to cigarettes, these are the things that will increase in prices..!
New Delhi, April 1, Jankranti News, : —- The new financial year will start from today. According to the budget-2023 in this new financial year, the prices of various types of goods will increase drastically. The central government’s decision to promote locally manufactured goods is a matter of course.
It is known that Finance Minister Nirmala Sitharaman announced the increase in various types of goods during the presentation of the new budget. Prices of private jets, helicopters, high-end electronic goods, plastic goods, jewellery, high gloss paper, vitamin products, electric kitchen chimneys, cigarettes, gold, platinum etc. will increase in price. In the last budget, the Center increased the duty on many imported goods.
Customs tax on kitchen electric chimneys has been increased from 7.5 percent to 15 percent. At the same time, the government has decided the maximum rate and limit of GST compensatory cess on tobacco products like cigarettes, pan masala and others. The GST compensatory cess is added to the retail selling price ceiling rate, among other things.
The Center has taken these steps as part of the amendments introduced in the recently approved Finance Bill-2023. With this, instead of the 135 percent tax levied on pan masala production, there will be a 51 percent GST per unit. 4170+ 290 percent unit retail for over 1000 tobacco sticks. Besides, the GST rate is going to be cessed at 28 percent. As a result, the prices of pan masala, cigarettes and other tobacco products will increase.. It will come into effect from today.
These are the items whose prices will come down,
According to the new budget, while the prices of some types of goods are increasing,! The prices of some goods will also decrease. The list includes camera lenses, mobile phones and lab-made diamonds. Also, machinery used for lithium-ion batteries and raw materials for the EV industry will become a bit cheaper.
Besides, prices of chemicals required for toys, bicycles, TV, mobiles, electric vehicles, LED TVs, methyl alcohol, acetic acid, petroleum products will also come down.
—– M Venkata T Reddy, News Editor, MP Jankranti News
