Srinagar, Feb 1: The Union Budget for 2026–27 has announced a series of duty and tax rationalisation measures, making several essential and consumer items cheaper, while increasing the cost of select products considered non essential or harmful, officials said.
According to the budget proposals, prices of 17 cancer related drugs and medicines have been reduced, along with medicines used for the treatment of seven additional rare diseases. Relief has also been extended to dutiable drugs and medicines imported for personal use.
Consumer electronics including smartphones, microwave ovens and components used in lithium and EV batteries have been made cheaper, along with solar panels and lithium battery components, aimed at boosting clean energy and domestic manufacturing.
Leather and synthetic footwear, leather products, civilian training aircraft parts and tendu leaves have also been brought under reduced duty slabs. Dutiable goods imported for personal use will attract lower charges.
The budget has also provided relief on overseas tour packages and foreign remittances for education and medical treatment under the Liberalised Remittance Scheme.
On the other hand, prices of umbrellas and their parts are set to rise following an increase in duties. Taxes have also been raised on gutka, paan masala and beedis, continuing the government’s policy of discouraging consumption of tobacco related products.
Minerals such as iron, coal and salt have been placed under higher duty categories. Futures and derivative trading will attract higher levies, while alcoholic liquor has also been made costlier under the revised tax structure.
Officials said the measures aim to balance consumer relief, public health priorities and revenue generation, while encouraging cleaner technologies and domestic production. [KNT]
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