CHENNAI: The Union Budget 2026 has reduced and waived duties and taxes on several items including cancer medicines, overseas tour packages and lithium-ion batteries, while raising costs for futures and options trading, select imports and income-tax violations.
Cheaper:
1. 17 drugs for cancer
2. Drugs, medicines and food for special medical purposes related to seven rare diseases
3. Drugs and medicines imported for personal use
4. Leather exports
5. Fish catch by Indian vessels in Exclusive Economic Zone
6. Civil and defence aircraft components
7. Solar glass/ solar panels
8. Lithium-ion batteries
9. Seafood processing inputs / seafood exports
10. Overseas tour packages
11. Education and medical remittances under Liberalised Remittance Scheme
12. Goods imported for Nuclear power projects
13. Shoe uppers and footwear products
14. Microwave ovens
15. Critical mineral processing equipment
16. Biogas-blended CNG
17. Tendu leaves
18. Imported goods for personal use (excludes motor vehicles, alcohol and tobacco)
19. Energy transition equipment
1. Alcoholic liquor, scrap and minerals (coal, lignite, iron ore)
2. Income tax misreporting - Penalty equal to 100 per cent of the tax amount
3. Imported items already manufactured in India or with negligible imports
4. Futures trading (Securities Transaction Tax - STT - hiked from 0.02% to 0.05%); Options trading (STT increased from 0.10% to 0.15%)
5. Low cost imported umbrellas
6. Potassium Hydroxide
7. ATM/Cash dispenser machine and its parts and components
8. Television equipment, cameras and other equipment (from April 1)
9. Imported photographic, filming, and sound-recording equipment
10, Imported Zoo animals & birds
11. Fertiliser inputs as Ammonium phosphate / nitro-phosphate fertilisers and Naphtha
12. Coffee roasting, brewing or vending machines
13. castor oil cake
14 Chewing tobacco, jarda scented tobacco and other tobacco products (National Calamity Contingent Duty hike from 25% to 60% from May 1, 2026)