Union Budget 2025: Nine things consumers should know
Feb 2, 2025, 03.22 PM IST
Precious metal jewellery will become more affordable with customs duty reduction on jewellery and parts from 25% to 20%. For those who love platinum jewellery, it’ll be even better – duty on platinum findings (pieces of platinum used to make jewellery or other items) has been slashed from 25% to 5%.
Haresh Acharya, director, India Bullion and Jewellers’ Association (IBJA), said the entire jewellery sector will benefit from the price reduction as jewellery consumption is very high in India. He said the tax rate changes will also boost jewellery buying.
Here are nine things consumers should know post Budget 2025:
1 Now surprise your loved one with imported jewellery this valentine day. A DeBeers platinum ring earlier priced at Rs. 2.50 lakh is set to be cheaper by Rs. 10,000 owing to reduced customs duty by 5%.
2 Sweet dreams at a sweeter price Imported bed and mattress are now more affordable! An imported IKEA bed and mattress earlier costing Rs. 65,000 could now cost Rs. 63,725 on account of reduction in customs duty by 2.5%.
3 Getting an extra MacBook from your foreign trip will now be easier on your pocket. An imported MacBook pro currently priced at Rs. 3.46 lakh could now cost Rs. 3.37 lakh on account of reduction in custom duty from 38.5% to 35% on articles imported in baggage.
4 Revved-Up savings, as imported motorcycles are now more affordable with customs duty reduced by 10%. An imported Kawasaki Ninja H2 750CC bike earlier costing Rs. 23 lakhs to be now cheaper by Rs. 1.64 lakhs.
5 Imported sofas now offer luxe comfort at a lighter price! A Couch Potato leather sofa earlier priced at Rs. 6,90,000 will now cost you Rs. 6,76,500 as customs duty on imported furniture stands reduced from 25% to 20%.
6 Own a piece of history at an unbeatable price! Mike Tyson signed imported boxing glove earlier priced at Rs. 22,400 will now cost you Rs. 19,400 as custom duty on import of items for personal use is reduced by 18.5%.
7 Brighten your homes with premium imported lights. A “Lights of Scandinavia LED Chandelier” earlier costing Rs.2.33 lakh will now cost Rs. 2.28 lakh owing to reduction in customs duty rate on luminaries and lightings by 5%.
8 Embracing a greener and sustainable home has never been more affordable as installing a solar panel on your rooftop could now be cheaper on account of slashing of customs duty on imported solar modules by 4%.
9 Perfect time to choose a homegrown interactive flat display panel as imported ones will be more costly with increase in customs duty from 10% to 20%.
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Haresh Acharya, director, India Bullion and Jewellers’ Association (IBJA), said the entire jewellery sector will benefit from the price reduction as jewellery consumption is very high in India. He said the tax rate changes will also boost jewellery buying.
Here are nine things consumers should know post Budget 2025:
1 Now surprise your loved one with imported jewellery this valentine day. A DeBeers platinum ring earlier priced at Rs. 2.50 lakh is set to be cheaper by Rs. 10,000 owing to reduced customs duty by 5%.
2 Sweet dreams at a sweeter price Imported bed and mattress are now more affordable! An imported IKEA bed and mattress earlier costing Rs. 65,000 could now cost Rs. 63,725 on account of reduction in customs duty by 2.5%.
3 Getting an extra MacBook from your foreign trip will now be easier on your pocket. An imported MacBook pro currently priced at Rs. 3.46 lakh could now cost Rs. 3.37 lakh on account of reduction in custom duty from 38.5% to 35% on articles imported in baggage.
4 Revved-Up savings, as imported motorcycles are now more affordable with customs duty reduced by 10%. An imported Kawasaki Ninja H2 750CC bike earlier costing Rs. 23 lakhs to be now cheaper by Rs. 1.64 lakhs.
5 Imported sofas now offer luxe comfort at a lighter price! A Couch Potato leather sofa earlier priced at Rs. 6,90,000 will now cost you Rs. 6,76,500 as customs duty on imported furniture stands reduced from 25% to 20%.
6 Own a piece of history at an unbeatable price! Mike Tyson signed imported boxing glove earlier priced at Rs. 22,400 will now cost you Rs. 19,400 as custom duty on import of items for personal use is reduced by 18.5%.
7 Brighten your homes with premium imported lights. A “Lights of Scandinavia LED Chandelier” earlier costing Rs.2.33 lakh will now cost Rs. 2.28 lakh owing to reduction in customs duty rate on luminaries and lightings by 5%.
8 Embracing a greener and sustainable home has never been more affordable as installing a solar panel on your rooftop could now be cheaper on account of slashing of customs duty on imported solar modules by 4%.
9 Perfect time to choose a homegrown interactive flat display panel as imported ones will be more costly with increase in customs duty from 10% to 20%.
(Powered by EY)