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Budget 2018: Cellphones-Cars Gets Expensive, Cashew Nuts Becomes Cheaper, See List

NEWS WORLD INDIA | 0
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| February 1 , 2018 , 16:46 IST

The Union Budget 2018 was presented on Thursday. Finance Minister Arun Jaitley in the budget hiked custom duties on several items like cars, motorcycle, cellphones, etc.

The central government had in July 2017, imposed 10 percent custom duty on mobile phones but increased it to 15 percent in December.

Now, the custom duties have been further increased to 20 percent. This new change will directly impact the prices of the smartphones as smartphone manufacturers and importers will pass on the additional load to the consumers.

The government however argues that the step will boost domestic manufacturing of mobile phones.

Government reduced the import duties on selected items such as raw cashew nuts, solar tempered glass and raw materials and accessories of cochlear implants. 

Here’s a list of imported items that will become expensive:

  • Cars and motorcycles
  • Mobile phones
  • Silver
  • Gold
  • Vegetable and fruit juices
  • Miscellaneous food preparations other than soya protein
  • Sunscreen, suntan, manicure, pedicure preparations
  • Deodorants, bath preparations, depilatories, perfumery
  • Scent sprays and similar toilet sprays
  • Truck and Bus radial tyres
  • Footwear
  • Coloured gemstones
  • Diamonds
  • Imitation jewellery
  • Smartwatches/wearable devices
  • LCD/ LED TV panels
  • Furniture
  • Wristwatches, pocket watches, clocks
  • Video game consoles
  • Articles and equipment for sports or outdoor games, swimming pools and paddling pools
  • Cigarette, lighters and candles
  • Edible/vegetable oils such as olive oil, groundnut oil

Here’s a list of imported items that will become cheaper:

  • Raw cashew nuts
  • Salt
  • Solar tempered glass or solar tempered glass used for manufacture solar panels/modules
  • Raw materials, parts or accessories used in making cochlear implants
  • Select capital goods and electronics such as ball screws and linear motion guides.

The budget 2018 will be very crucial for the government as this is the last full budget before the General elections. The implications of the 2018 budget will guide the Narendra Modi Government in the upcoming Lok Sabha elections.