Union Budget 2024: From gold to mobile phones; what goes up and down
New Delhi: The Finance Minister on Tuesday while presenting the Union budget 2024-25 has has announced that the basic customs duty on mobile phones, accessories, and chargers has been reduced to 15 percent.
Some of the cancer medicines are also exempted from customs duty. Apart from that, The duty on gold and silver will be lowered to 6 percent, and on platinum to 6.4 percent. According to the officials, this move might increase retail demand and aid in preventing smuggling in the second-largest bullion consumer in the world.
"The government will exempt 3 more cancer treatment drugs from Customs duty. I will also reduce basic customs duty on mobile phones, chargers and other mobile parts," said Nirmala Sitharaman while presenting Budget 2024 in the parliament.
Here's a list of what is cheaper:
- Three cancer medicine
- Mobile phone, accessories
- Gold and silver
- Platinum
- Leather good
- Seafood; Brood stock, shrimp and fish feed
- 25 critical minerals
- Ferro nickel and blister copper
- Oxygen free copper for manufacture or resistors
- Spandex yarn
- Real down filling material from duck and goose
On the other hand, the duty on non-biodegradable plastics increased to 25 percent and ammonium nitrate by 10 percent.
Here’s a list of what became expensive:
- Ammonium nitrate
- Solar glass and Tinned copper for manufacture of solar cells or solar modules
- Garden umbrellas
- Telecom equipments
- Plastic goods
- Laboratory chemicals
- PVC flex banners
Finance Minister Nirmala Sitharaman presented her record seventh consecutive Union Budget 2024-25 today (on July 23) during the Budget Session of Parliament.
FM Sitharaman, in her seventh consecutive Union Budget for 2024-25, outlined key priorities aimed at fostering economic growth and creating ample opportunities. The priorities include Productivity and Resilience in Agriculture, Employment and Skilling and services.
She listed productivity and resilience in agriculture, employment and skilling, inclusive human resource development and social justice, manufacturing and services, urban development, energy security, infrastructure, innovation, research and development, and next-generation reforms as nine priority areas for the government.