Finance Minister Nirmala Sitharaman has concluded her Union Budget 2024 speech in the Lok Sabha. This was her seventh Budget speech so far. Post the announcement, several items have seen a rise or a drop in their prices.
Union Budget 2024: Items that got cheaper
– Sitharaman announced a reduction in basic custom duty on mobile phone and chargers to 15%.
– The Basic Customs Duty on certain broodstock, polychaete worms, shrimp and fish feed saw a reduction to 5%.
– Basic Customs Duty on ferronickel, blister copper has been removed.
– TDS rate on e-commerce witnessed a reduction from 1% to 0.1%.
– The Basics Customs Duty on oxygen free copper for manufacture of resistors was removed.
– Customs duty on gold and silver reduced to 6% and platinum to 6.4%
– Sitharaman also announced the removal of Basic Customs Duty on three cancer treatment medicines
– The Finance Minister also proposed expanding the list of capital goods, used in the manufacturing of solar panels, exempted from duties.
– Basic Customs Duty on real down filling material from duck or goose has been reduced.
– Customs duties on 25 critical minerals essential for sectors such as nuclear energy, renewable energy, space, defense, telecommunications, and high-tech electronics have been fully exempted, with the Basic Customs Duty reduced on two of them.
– Customs duties on various inputs used in the manufacture of shrimp and fish feed have been exempted.
– Duty on leather accessories removed.
Union Budget 2024: What became costlier?
– Customs duty on ammonium nitrate has been raised to 10%, while for non-biodegradable plastics it is now 25%.
– The Basic Customs Duty on specified telecom equipment has been increased from 10 percent to 15 percent.
– The tax on shares held for more than 12 months has been increased from 10 percent to 12.5 percent.
– The tax on equity investments held for less than one year has been increased from 15 percent to 20 percent.