New Delhi: A lot has colluded since the outbreak of novel coronavirus and Indian markets have been under constant variations leading to the price rise of every product. While that wasn’t enough, the common man might yet again witness an alarming blow in the new fiscal year (April 1), as many new products have been added to the list of price hikes.
As the new financial year starts from April 1, price of various commodities, ranging from daily household belongings to electronic gadgets, could see a big change. While, some products may become a bit more pocket-friendly, others may burn a hole in your pocket.
On the other side, several daily-use things are likely to become dearer as, in Budget 2021, Finance Minister Nirmala Sitharaman reviewed the customs duty on several items, which will result in a price alteration.
Here is a list of things that are likely to get expensive and cheaper from April 1:
Imported mobile phones are likely to become costlier as, in Budget 2021, the government withdrew a few exemptions on mobile phone parts, such as Printed Circuit Board Assembly (PCBA), camera module, connectors, headphones and more. Also, mobile phone charger will also become expensive as customs duty on parts used to make battery packs will go up from 0 to 2.5 per cent.
Automobiles could see an increase in price of about 3 to 5 per cent from the coming financial year. Many automobile companies have already made an announcement regarding the price rise. Similarly, prices for auto parts such as safety glasses, wiring sets of ignition may increase from April 1.
Starting April, air-conditioners and refrigerators will become costlier as the customs duty on compressors has been increased from 12.5 per cent to 15 per cent.
Air travel will get costlier as the Airports Authority of India has amplified the security fee for domestic travel from Rs 160 to Rs 200. Also, the said fee for international travel has been raised from Rs 380 to Rs 878.
WHAT WILL BECOME CHEAPER
· Imported gold and silver may see price drop as the custom duty of 12.5 per cent has been curtailed to 7.5 per cent.
· Also, customs duty on platinum and palladium has been deducted from 12.5 per cent to 10 per cent.
· Soybean oil, sunflower will also see price drop amid slash in custom duty.