Budget specifies customs duty change on several items

There have been a host of changes in Customs duty on several items in the Union Budget for 2022-23.

This would mean that imports become more expensive or cheaper usually depending on the change in customs duties.

On the customs duties that have gone up, in the edible oils category, microbial fats and oils and their fractions have gone up from 30 per cent to 100 per cent, umbrellas has gone up from 10 per cent to 20 per cent, single or multiple loudspeakers has gone up from 15 per cent to 20 per cent, headphones and earphones, whether or not combined with a microphone, and sets consisting of a microphone and one or more loudspeaker has also gone up from 15 per cent to 20 per cent.

The tariff changes will come into effect from May 1, 2022, as per the Finance Bill 2022-23.

Cashew nuts will become cheaper as import duties have been cut from 30 per cent to 2.5 per cent. Duties on coral has been reduced from 30 per cent to free.

Bovine semen has been reduced from 30 per cent to 5 per cent, pistachios is down from 30 per cent to 10 per cent, and soft dates is reduced from 30 per cent to 20 per cent.

Fruits that are imported have also become cheaper. Oranges, Lemon and limes down from 40 per cent to 30 per cent, fresh grapes down from 35 per cent to 30 per cent, fresh pears, fresh quinces down from 35 per cent to 30 per cent.

In spices, pepper is reduced from 70 per cent to 30 per cent while clove is down from 70 per cent to 35 per cent.

Sweet Biscuits, Waffles and wafers is down from 45 per cent to 30 per cent, dog or cat food, put up for retail sale, is down from 30 per cent to 20 per cent in customs duties.