Union Budget 2024-25: What is cheaper, what is costlier?

Finance Minister Nirmala Sitharaman announced a significant reduction in customs duties on cancer medicines and mobile phones today, which will substantially lower their retail prices. Additionally, the prices of imported gold, silver, leather goods, and seafood are set to decrease, making these items more affordable.

Here is the list of items that have become cheaper:

– The finance minister announced a reduction in Basic Customs Duty on mobile phones and mobile chargers to 15 percent.

– Customs duty on gold and silver has been reduced to 6 percent, and platinum to 6.4 percent.

– Three cancer treatment medicines have been exempted from Basic Customs Duty.

– The FM also proposed expanding the list of exempted capital goods used in the manufacturing of solar panels.
– The TDS rate on e-commerce transactions has been reduced from 1 percent to 0.1 percent.

– Basic Customs Duty on ferronickel and blister copper has been removed.

– Basic Customs Duty on certain broodstock, polychaete worms, shrimp, and fish feed has been reduced to 5 percent. Customs duties on various inputs for the manufacture of shrimp and fish feed have also been exempted.
– To enhance the competitiveness of exports in the leather and textile sectors, BCD on real down filling material from duck or goose has been reduced.

– To support existing and new capacities in the pipeline, Basic Customs Duty on ammonium nitrate has been reduced from 7.5 percent to 10 percent.

– Basic Customs Duty on oxygen-free copper for the manufacture of resistors has been removed.

– Customs duties on 25 critical minerals for sectors such as nuclear energy, renewable energy, space, defense, telecommunications, and high-tech electronics have been fully exempted, with reduced BCD on two of them.

Here is the list of items that have become costlier:

– The FM proposed a rise in customs duty on ammonium nitrate to 10 percent and 25 percent on non-biodegradable plastics.

– Basic customs duty on specified telecom equipment has increased to 15 percent from 10 percent.

– The government has also proposed levying a TCS of 1 percent on notified goods with a value exceeding ₹10 lakh.