While presenting the Union Budget at the Lok Sabha for the financial year 2025-2026 on Saturday, Union Finance Minister Nirmala brought a major relief to the Indian middle-class people as she exempted annual income of up to rupees 12 lakh from income tax and revised the tax slabs as well in a bid to leave more money on people's hands.
The FY26 Union Budget also introduced significant changes in customs duties across multiple sectors. A reduction in customs duties on gold and silver to 6 per cent and that of platinum to 6.4 per cent has also been announced. The Finance Minister had also proposed to remove basic customs duty (BCD) on ferronickel and blister copper.
Here we have a list of what is getting cheaper and costlier this year after the presentation of the budget.
List Of Things Getting Cheaper
Cancer, chronic diseases medicines: 36 life-saving drugs fully exempted from basic custom duties.
Electronic goods: The FM announced reduction of BCD (basic customs duty) to 5 percent for open cells and other components. 35 additional goods for EV battery manufacturing, and 28 additional goods for mobile phone battery manufacturing to be added to list of exempted capital goods
Cobalt powder and waste, scrap of lithium-ion battery, lead, Zinc and 12 more critical minerals exempted from Basic Customs Duty (BCD).
Marine: BCD on frozen fish paste will be reduced from 30 percent to 5 percnt; Reduced duties from 15-5 percent on Fish Hydrolysate
Electronic Vehicles: 35 additional goods for EV battery manufacturing, and 28 additional goods for mobile phone battery manufacturing to be added to list of exempted capital goods
Leather & textiles: Exemption on BCD on wet blue leather and crust leather. New mission has been announced to increase cotton productivity
Telecom: BCD has been slashed from 20 percent to 10 percent on Carrier Grade Ethernet switches to make it at par with non-Carrier Grade Ethernet switches.
List Of Things Getting Costlier
Flat Panel Displays: BCD increased from 10 percent to 20 percent, impacting TVs and mobile phones.
Social Welfare Surcharge: Exemption removed on 82 tariff lines currently under cess.
Knitted fabrics: Customs duty hiked from 10 to 20 per cent
