Finance Minister Nirmala Sitharaman presented the Union Budget 2026-27 on February 1, bringing significant changes to the customs duty structure. These changes directly impact the daily expenses of the common man as well as specific industries. While the government has provided relief on medical and electronic items, certain luxury goods and tobacco products will cost more. The new rates have come into effect starting February 2, 2026.
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What items have become cheaper in Budget 2026?
The government has reduced customs duties on several imported components to boost domestic manufacturing and provide relief to consumers. A major focus has been on healthcare and technology sectors. The tariff rate on goods imported for personal use has also been cut by half.
- Medicines: Customs duty has been fully removed on 17 life-saving cancer drugs and medicines for rare diseases.
- Mobile Phones: Parts like battery covers, chargers, and circuit boards will attract lower duty, reducing phone prices.
- Personal Imports: The tax on goods brought for personal use from abroad is reduced from 20% to 10%.
- Microwave Ovens: Specific parts used to make microwaves in India are now duty-free.
- Leather and Sports: Materials for leather shoes and professional sports equipment will cost less.
- Solar Energy: Materials like solar glass used in green energy projects have become cheaper.
Which goods are getting expensive after the new announcement?
To discourage non-essential imports and curb the consumption of harmful products, the Finance Ministry has hiked taxes on specific categories. This includes a sharp increase in taxes on tobacco products and stricter duties on low-quality imports.
| Item Name | Reason for Price Hike |
|---|---|
| Cigarettes & Gutkha | NCCD tax raised sharply to 60%. |
| Imported Umbrellas | Minimum duty of ₹60 per piece imposed. |
| Luxury Watches | Duties rationalized to increase costs on premium brands. |
| ATM Machines | Higher tax on imported cash dispensers to support local make. |
| Commercial LPG | Price of 19kg cylinders increased by ₹49. |
| F&O Trading | Securities Transaction Tax increased for traders. |
