New Financial Year 2026: What Gets Cheaper And Costlier From April 1, Full List The new financial year (FY 2026-27) begins on April 1, 2026, following the Union Budget 2026 announced by Finance Minister Nirmala Sitharaman on February 1. This budget introduced significant policy changes affecting household expenses and consumer spending. Key adjustments include modifications to import duties, GST slabs, and tax structures, which are expected to influence the prices of various goods and services. The Goods and Services Tax (GST) Council simplified its structure from four slabs to two—5% and 18%—effective from September 22, 2025. These changes are now in effect, shaping the cost landscape for consumers. Items that are likely to become cheaper include 17 essential medicines, with reduced custom duties making treatments for conditions like diabetes and cancer more affordable. Electric vehicles (EVs) benefit from extended tax relief, lowering their cost for buyers. Leather goods and footwear are expected to see price declines due to duty-free import provisions aimed at boosting exports. Components for aircraft and microwave ovens will also become cheaper as customs duties on these items are lowered. Imported personal items, such as certain electronics and household goods, will face reduced tariffs. Locally manufactured smartphones and tablets will become more affordable, offering better upgrade options for consumers. Foreign travel and education expenses are projected to decrease due to reduced Tax Collected at Source (TCS) on overseas education, medical treatments, and international tour packages. Seafood prices may drop as duty-free benefits apply to fish caught beyond territorial waters, benefiting both fishermen and consumers.#union_budget_2026 #goods_and_services_tax #finance_minister_nirmala_sitharaman #customs_duties #gst_council
