In New Delhi, Finance Minister Nirmala Sitharaman while presenting the budget 2024 revealed a significant cut in customs duties on cancer medications and mobile phones, which is expected to lower their retail prices considerably. Additionally, imported gold, silver, leather products, and seafood will also become more affordable.
Here’s a summary of the changes from Budget 2024:
Items That Have Become Cheaper:
Basic Customs Duty (BCD) on mobile phones and chargers reduced to 15%.
Customs duty on gold and silver lowered to 6% and on platinum to 6.4%.
Three cancer treatment medicines exempted from basic customs duty.
Expansion of exempted capital goods list for solar panel manufacturing.
Reduction in TDS rate on e-commerce from 1% to 0.1%.
Items That Have Become Costlier:
Rise in customs duty on ammonium nitrate to 10%.
Increase in customs duty on non-biodegradable plastics to 25%.