MUMBAI: Union Finance Minister Nirmala Sitharaman on Sunday presented her ninth consecutive Budget, for the year 2026-27.
The following goods and services will be cheaper and dearer from April 1.
Cheaper Items
1. As many as 16 drugs for rare and cancer diseases with basic customs duty (BCD) exemption.
2. Overseas tourism packages as tax collected at source has been slashed from 5–20% to 2%.
3. Foreign education due to the reduction in TDS under LRS (large remittances scheme) for education expenses from 10% to 5%.
4. Alcoholic liquor scrap and certain minerals with duty reduction from 5% to 2%.
5. Shoe uppers for exporters, with the duty-free imports.
6. Energy transition equipment as the government is planning to exempt basic customs duty (BCD) on its imports.
7. Solar glass ingredients as the BCD is exempted on its imports as well.
8. Capital goods for critical minerals, again due to the exemption of the BCD.
9. Components and parts for civilian aircraft manufacturing due to BCD exemption.
10. Microwave ovens following BCD exemption.
11. Personal use imports for which the BCD has been reduced from 20% to 10%.
12. Fish catch by domestic fishermen in domestic waters with BCD exemption.
13. Goods imported for nuclear power projects will also be exempted from BCD.
Costlier Items
1. Income tax misreporting: Penalty equal to 100% of the tax amount.
2. Non-disclosure of movable assets will now attract a penalty.
3. Stock options and futures trading with the securities transaction tax being raised from 0.02% to 0.05%.