Budget 2024: What Will Get Expensive? Take A Look At List Of Items Which Will Get Cheaper

7/23/2024 3:27:46 AM

(MENAFN- AsiaNet News) Finance Minister Nirmala Sitharaman today announced a major reduction in customs duty on cancer medicines and mobile phones, which will significantly bring down their prices in the retail market. Imported gold, silver, leather goods and seafood will also get cheaper.

"Three additional cancer treatment medications will be free from customs tax by the government. In addition, I will lower the basic customs duty on cell phones, chargers, and other mobile components," Sitharaman declared in the parliament during the introduction of Budget 2024.

Sitharaman slashes import duties on Gold and silver to 6%, a move that industry officials say could boost retail demand and help in curtailing smuggling in the world's second-biggest bullion consumer.

Items that have become cheaper:

Duty cut on mobiles and accessories to 15 per cent.
Customs duty on gold and silver to be reduced to 6%, platinum to 6.4%.
Three cancer treatment medicines exempted from basic customs duty.
Govt removes Basic Customs Duty on ferro nickle, blister copper.
FM proposed to expand list of exempted capital goods used in the manufacturing of solar panels.

Items that have become costlier:

Govt increases basic customs duty to 15% from 10% on specified telecom equipment.
Custom duty hiked on plastic products.

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