Union Budget 2025: Union Finance Minister Nirmala Sitharaman on Saturday presented the Union Budget 2025 in Parliament. Along with several key announcements, Sitharaman announced big relief for middle class. Finance Minister said that individuals with an annual income of up to Rs 12 lakh will be exempted from paying income tax under the new tax regime. She also proposed to introduce the New Income Tax Bill next week. Finance Minister said that Budget 2025 focuses on accelerating growth, inclusive development and empowering India’s Middle Class. In her budgetary speech, she outlined ‘Viksit Bharat’ Vision which includes Zero Poverty, Quality Education, Healthcare And Empowered Women.
Here’s A Look At What Got Costlier And What Got Cheaper:
Items That Got Cheaper
The government has proposed exemptions and reductions in Basic Customs Duty (BCD) in the Healthcare and manufacturing sectors.
36 drugs used in cancer treatment and for rare diseases have been exempted from Basic Customs Duties. 37 more medicines have been exempted.
Electronic Goods: Reduction of BCD to 5 per cent for open cells and other components. LED/LCD will also become cheaper.
Minerals: Full exemption on cobalt products, LEDs, zinc, lithium-ion battery scrap, and 12 other critical minerals from Basic Customs Duty (BCD).
Leather Products: Wet Blue leather has been fully exempted from Basic Customs Duty.
Shipbuilding Raw Materials to be exempted from BCD for the next 10 years.
Frozen Fish Paste (Surimi): The customs duty on Frozen Fish Paste (Surimi) has been reduced from 30% to 5%.
EV batteries: 35 additional goods for EV battery manufacturing, 28 additional goods for mobile phone battery will be added to list of exempted capital goods.
Items That Got Costlier
The government has proposed to increase Basic Customs Duty on interactive flat panel display from 10% to 20%, this will impact TVs and mobile phones.
Knitted Fabrics.
Note: The list will be updated as more details comes in.
Also Read: Budget 2025: New Tax Slabs And Rates In New Regime Announced- Check details
