Budget 2024: Union Finance Minister Nirmala Sitharaman on Tuesday presented her seventh Union Budget for the fiscal year 2024-2025 and proposed reduction in basic customs duty on gold and silver to 6 per cent and platinum to 6.4 per cent. She also proposed reduction of basic customs duty on mobile phones, mobile charger to 15 per cent. During the Budget presentation, FM Sitharaman made a provision for exemption of customs duty on 25 critical minerals.
List Of Things That Have Become Cheaper
- Reduction of Basic Customs Duty on mobile phones, mobile chargers to 15 percent.
- Customs duty on gold and silver reduced to 6 percent.
- Customs duty on platinum reduced to 6.4 percent.
- Three cancer treatment medicines exempted from Basic Customs Duty.
- Reduction in TDS rate on e-commerce from 1 percent to 0.1 percent
- Basic Customs Duty on ferronickel, blister copper removed.
- Basic Customs Duty on certain broodstock, polychaete worms, shrimp and fish feed has been reduced to 5 percent.
- Customs duty on various inputs for manufacture of shrimp and fish feed has been exempted.
- Basic Customs Duty on ammonium nitrate has been reduced from 7.5 to 10 percent.
- Basic Customs Duty on oxygen free copper for manufacture of resistors has been removed.
- Customs duties on 25 critical minerals for sectors like nuclear energy, renewable energy, space, defence, telecommunications, and high-tech electronics are made fully exempt.
List Of Things That Have Become Costlier
- There is rise in customs duty on ammonium nitrate to 10 percent and 25 percent on non-biodegradable plastics.
- Basic customs duty on specified telecom equipment hiked to 15 percent from 10 percent.
- Centre also proposed to impose TCS of 1 percent on notified goods of value exceeding ₹10 lakh.
- Standard deduction for salaried employees will be increased from to Rs 75,000 from Rs 50,000 under new tax regime.
- Tax deduction on family pension for pensioners increased to Rs 25,000 from Rs 15,000.
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