Finance Minister Nirmala Sitharaman in her Union Budget 2022 speech announced several changes to customs duty that will, in turn, affect the prices of different commodities. While concessions in the customs duty levied on mobile phone parts and other electronics will mean a reduction in their prices, cut and polished diamonds and other gemstones are also set to become cheaper. At the same time, one commodity is all set to become more expensive. The duty on umbrellas is being raised to 20 per cent, which means that umbrellas -- lifesavers in sun and rain -- are all set to become costlier.
The move to raise duty on umbrellas both puzzled and amused social media users. Take a look at some reactions to the "umbrella tax":
Several people noted that umbrellas are becoming more expensive at a time when customs duty on cut and polished diamonds and gemstones is being reduced to 5 per cent. The irony wasn't lost on Twitter.
Some managed to find humour in the situation
A large number of commonly used items, including headphones, earphones, loudspeakers, smart meters, imitation jewellery, solar cells and solar modules will become more expensive due to a hike in customs duties on imported parts, as proposed by Finance Minister Nirmala Sitharaman in the Union Budget for 2022-23.
However, imported cut and polished diamonds, frozen mussels, frozen squids, asafoetida, cocoa beans, methyl alcohol and acetic acid will become cheaper as a result of rationalisation in customs duties.
