17 cancer drugs to be duty-free:Prices of e-vehicles, solar panels to fall; personal use goods import becomes cheaper

In the budget, the prices of goods fluctuate slightly only due to the increase or decrease in import duties. Let’s understand what has become cheaper and what has become expensive due to this budget… 1. Cancer medicines cheaper: basic custom duty removed on 17 life-saving drugs The government has removed basic custom duty on 17 drugs used in cancer treatment. In addition, medicines and special foods imported for the treatment of 7 rare diseases will also now be tax-free. This will provide significant financial help to families dependent on expensive foreign medicines for treatment. 2. Microwave ovens cheaper: duty on parts reduced, domestic manufacturing to increase To promote domestic manufacturing, the government has made some key changes in the electronics sector. Now, custom duty on special parts used in making microwave ovens has been reduced. This may lead to a decrease in microwave prices in the coming days. The government aims for India to become a global hub for consumer electronics. 3. EV batteries and solar panels cheaper: raw materials for production now tax-free Considering energy transition, the government has expanded the scope of tax exemptions on machinery (capital goods) used to make lithium-ion batteries. Now, materials used for battery energy storage systems will also be duty-free. Similarly, the duty on ‘sodium antimonate’ used to manufacture solar glass has been removed, making solar panel production cheaper in the country. 4. Seafood, shoes, clothes likely to become cheaper: duty exemptions on raw materials to boost exports To increase exports, the government has announced measures for the marine products, leather, and textile sectors. 5. Air travel and aircraft maintenance cheaper: custom duty removed on parts To promote civil aviation, custom duty on parts and components used in aircraft manufacturing has been removed. In the defence sector as well, raw materials imported for aircraft maintenance and repair (MRO) will now be tax-free. This will reduce the cost of manufacturing and maintaining airplanes in the country. 6. Imported goods for personal use will be cheaper: tax reduced Good news for those importing goods for personal use from abroad. The government has reduced the tax rate on such items from 20% to 10%. In addition, rules for baggage clearance for travellers returning from abroad will be simplified, and the free allowance limit will be increased. Most prices determined by GST council Today, from the vegetables on your plate to the smartphone in your hand, most prices are determined by the GST Council, not the finance minister. From 22 September 2025, the GST slabs were reduced from four to two. Now, GST is levied only at 5% and 18% slabs. A decision on this was taken in the 56th meeting of the GST Council. This has made items like ghee, paneer, cars, and ACs cheaper. Now, answers to two important questions… Question 1: If duties change in the budget today, will products in stores become cheaper from tomorrow? Answer: No. This is a common misconception. Changes in taxes in the budget affect only the new stock. Items already on the shop shelves will continue to sell at the old price. It takes time for the budget’s impact to reflect. Moreover, price changes are not guaranteed—they entirely depend on companies. Often, even if the government reduces duties, companies may not lower prices to maintain their profit margins. Similarly, if raw materials become expensive in the international market, prices may remain the same or even rise despite a tax cut. In short, nothing is certain. Question 2: Can the budget change the GST revisions made on 22 September 2025? Answer: No. The Finance Minister cannot alter GST slabs through the budget. Any change in GST requires a separate meeting of the GST Council. The budget can only adjust import duties.