Budget 2024 for ‘Common Man’: Complete list of what’s cheaper & dearer with Modi 3.0’s first Union Budget
July 23, 2024
Budget 2024: The government has reduced customs duty on precious metals such as gold, silver, and platinum as well as on fish, fish products, and mobile accessories.
Finance Minister Nirmala Sitharaman unveiled Modi 3.0's first Union Budget on Tuesday, July 23. Its key focus areas are centre-state policy coordination, income tax slabs, robust capital expenditure, and better macroeconomic stability. With today's budget, the finance minister's policy announcements have resulted in price reductions for several items.
The government has proposed raising the capital gains exemption limit on certain financial assets to ₹1.25 lakh per year for the middle and upper middle class. The finance minister also announced that those opting for the new tax regime would increase the standard deduction for salaried employees from ₹50,000 to ₹75,000.
Among the most prominent was the government's slashed import duties on gold and silver to six per cent from 15 per cent, a move that industry officials say could boost retail demand and help curtail smuggling in the world's second-biggest bullion consumer. A higher demand for gold from India could boost the global prices, which hit a record high this year, although that could widen India's trade deficit and put further pressure on the ailing rupee.
"To enhance domestic value addition in gold and precious metal jewellery, I propose to reduce customs duties of gold and silver to six per cent," Finance Minister Nirmala Sitharaman said in a budget speech earlier today.
Sitharaman also announced an import duty exemption for 25 critical minerals, including lithium. India has been exploring ways to secure lithium supplies, a critical raw material for making electric vehicle (EV) batteries.
Here's what's gotten cheaper:
1.Mobile phones, mobile parts, batteries, mobile chargers
Basic customs duty is reduced on mobile phones, chargers, and accessories to 15 per cent
2.Gold, silver & platinum
The customs duty on gold, silver reduced to 6 per cent, platinum to 6.4 per cent
3.Cancer medicines, X-ray equipment
Three major cancer treatment medicines and X-ray equipment are exempted from basic customs duty
4.Fish and fish products
The customs duty on fish, broodstock, shrimp, polychaete worms, and fish feed is reduced to 5 per cent
5.Essential metals & minerals
The basic customs duty on ferro nickel, blister copper and 25 critical minerals is removed. The duty for manufacturing resistors (oxygen-free copper) has also been removed.
6.Solar panels, leather goods
The list of exempted items to manufacture solar panels has been expanded, and the customs duty on leather goods has been reduced.
Here's what's gotten costlier:
1. Plastic and related-goods
The government has increased customs duty on plastic products and related goods.
2.Ammonium nitrate
The customs duty on ammonium nitrate has increased to 10 per cent from 7.5 per cent
3.Telecom equipment
The government has hiked customs duty hiked from 10 per cent to 15 per cent
[Mint]
