TNI Bureau: Finance Minister Nirmala Sitharaman presented the Union Budget 2026-27 with a sharp focus on bolstering domestic manufacturing. The Government is expected to focus strongly on boosting ‘Make in India’.

🔴 Following items are expected to see a price drop due to reductions in Basic Customs Duty and other tax exemptions:

📌Essential Medicines: 17 cancer drugs and some diabetes medications will become more affordable due to customs duty exemptions.

📌Electronics: Smartphones, EV batteries, and solar panels are expected to get cheaper.

📌Leather Goods: Leather products and footwear will become more affordable.

📌Travel: Overseas tourism packages will get cheaper, with a Tax Collected at Source (TCS) rate cut from 5-20% to 2%.

📌Education: Foreign education expenses will become more affordable, with lower TDS under the Liberalised Remittance Scheme (LRS).

📌Sports Equipment: Sports goods will become more affordable to encourage athletic participation.

📌Food and Beverage: Biogas-based CNG will see cost reductions.

📌Aircraft Components: Aircraft parts will become cheaper, and civilian training and other aircraft parts will also benefit.

📌Nuclear Power: Goods imported for nuclear power projects will be exempt from basic customs duty.

📌Microwave Ovens: Parts used to manufacture microwave ovens are exempt from basic customs duty.

📌Electric Vehicles: Electric cars and two-wheelers may become more affordable if taxes on raw materials used in battery manufacturing are reduced.

📌Life-Saving Medicines: Critical medical devices and life-saving cancer medicines may become more affordable if duties are cut.

📌Domestic Electronics: Domestic electronics like televisions and refrigerators may see price reductions if tax or duty relief is provided.

🔴 Certain items will become more expensive as the Government removes exemptions to protect local manufacturers:

📌Alcohol and Tobacco Products:
Alcoholic liquor and cigarettes will become more expensive due to a hike in excise duty and health cess. Pan masala and other tobacco products will also see a price increase.

📌Trading and Financial Transactions:
Trading activity and certain corporate cash-distribution routes will become costlier.

📌 Imported Goods:
Certain industrial machinery and items where domestic production is deemed sufficient will see price hikes due to removed exemptions. Imported personal goods will also become more expensive.

📌Income Tax Misreporting:
Penalty for income tax misreporting will increase to 100% of the tax amount. Non-disclosure of movable assets will attract a penalty.

📌Foreign Cars: Premium cars imported as completely built units (CBUs) could see higher taxes, pushing prices up.

📌Imported Cosmetics: Luxury beauty products, perfumes, and makeup items sourced from overseas may become costlier.

📌Gold and Silver: Any change in import duty on gold could impact jewelry prices, and silver prices may also be affected.