01 February 2020
Bhubaneswar: Finance Minister Nirmala Sitharaman on Saturday presented the Union Budget 2020 with variations in tax rates on import of different products making them cheaper or costlier.
As the customs duty on import of newsprint, lightweight coated paper was cut by half to five per cent, the said items go cheaper. The Modi Government during the budget in its last tenure had imposed 10 per cent basic customs duty on newsprint and lightweight coated paper.
Further, with the abolishment of anti-dumping duty on all imports of purified terephthalic acid (PTA), the said item becomes cheaper.
While cigarettes and tobacco products become more expensive with the increase in excise duty, same goes for footwear, furniture, medical equipment with the increase in import duty.
Raw sugar, agro-animal based products, Tuna bait, skimmed milk, certain alcoholic beverages, soya fibre and soya protein go costlier with the customs duty exemption withdrawn on the said items.
With customs duty on wall fans increased from 7.5 per cent to 20 per cent and on tableware/kitchenware made of porcelain or China ceramic, clay iron, steel, copper doubled to 20 per cent the said items also become more expensive.