Finance Minister Nirmala Sitharaman presented her seventh Union Budget for the fiscal year 2024-2025 on July 23. The things that will get cheaper after the budget 2024 are mobile phones, chargers after a reduction of 15% custom duty. Finance Minister Nirmala Sitharaman announced that customs duties on cancer medicines and mobile phones will be significantly reduced, leading to lower retail prices for these items. Additionally, the cost of imported gold, silver, leather goods, and seafood is also expected to decrease. The customs duty on gold and silver will be lowered to 6%, while the duty on platinum will be reduced to 6.5%. “To enhance domestic value addition in gold and precious metal jewellery, I propose to reduce customs duties of gold and silver to 6%,” said Finance Minister Nirmala Sitharaman.
Finance Minister Nirmala Sitharaman also said that the government would exempt customs duty on 25 critical minerals.
Which items have become cheaper?
Following the Budget 2024 announcement, several items are set to become more affordable.
Customs duty on mobiles, chargers, and accessories has been reduced to 15%. The duty on gold and silver is now 6%, while platinum is set at 6.4%. Additionally, three cancer treatment medicines are exempt from basic customs duty.
The government has also removed basic customs duties on ferro nickel and blister copper. The Finance Minister has proposed expanding the list of exempted capital goods for solar panel manufacturing.
Customs duties on 25 critical minerals have been fully removed, and duties on shrimp and fish feed have been lowered to 5%.
What will get costlier?
The government plans to increase customs duties, raising the rate on ammonium nitrate by 10% and on non-biodegradable plastics by 25%. Additionally, telecom products will become more expensive due to a rise in the basic customs duty from 10% to 15% on certain telecom equipment.
Plastic products will also see a price increase following a hike in customs duty on these items.
In the previous budget, the Finance Minister reduced import taxes on several components, including camera lenses, to promote mobile phone manufacturing in India.
Additionally, the tax rate on lithium-ion batteries, crucial for phones and electric vehicles, was cut to lower production costs.
According to the Economic Survey 2024, India’s GDP is expected to grow between 6.5% and 7% this year. Retail inflation has also declined to 5.4% in 2023-24, down from 6.7% the previous year. The survey, presented by Finance Minister Nirmala Sitharaman on July 22, 2024, highlighted the importance of service and growth for the economy.
Continuing the trend from previous years, Budget 2024 will be delivered in a paperless form. An Interim Union Budget was presented on February 1, 2024, as the country prepared for general elections.
Overall, the upcoming budget holds promise for making some everyday items cheaper while addressing the expectations of various segments of society. As the Finance Minister prepares to present the budget, all eyes will be on the potential changes and how they will shape the economic future of India.
New Tax Slabs Announced
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Deduction on family pension for pensioners increased from Rs 15,000 to Rs 25,000 under New Tax Regime
Lowest Slab In New Tax Regime Increased To Rs 3 lakh From Rs 2.5 lakh.
Mobile phones, gold to cost less: What’s cheaper and costlier in Budget 2024
