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Union Finance Minister Nirmala Sitharaman has unveiled significant cuts in customs duties during her presentation of the 2024 Union Budget, making some items such as gold, silver, and mobile phones cheaper. On the other hand, some products will get more expensive. Here’s the full list read more
 "How prices have changed after Union Budget 2024?")
A woman tries on a gold necklace at a jewellery showroom in Mumbai. Gold is set to become cheaper after the Union Budget as the government has reduced customs duties to six per cent. File image/Reuters
In a nearly one-and-a-half-hour long speech, Finance Minister Nirmala Sitharaman laid out the country’s economic health and outlook through the Union Budget. In her record-breaking seventh budget presentation, she proposed a slew of cuts on the customs duties levied on various items.
“For customs, we reduced the number of customs duty rates in 2022-23. I propose to rationalise them after a review over next six months,” she said in the Lok Sabha today.
She added that the Narendra Modi-led government was also striving to further simplify, rationalise the GST tax structure.
As we analyse the budget papers, here’s a look at what’s become dearer and what’s getting cheaper.
Catch all the live updates from the Union Budget HERE
What’s cheaper?
Cancer medicines: Customs duties on three cancer medicines have been exempted, making them cheaper for the common man. Moreover, medical X-ray machines will become cheaper.
Mobile phones and chargers: The finance minister has announced that basic customs duties on mobile phones, chargers and other mobile parts have been reduced by 15 per cent, making them more affordable.
Gold, platinum and silver: Get ready to pay lesser for these precious metals after Finance Minister Nirmala Sitharaman announced that customs duty on gold and silver has been reduced to six per cent and that of platinum to 6.4 per cent. Industry officials say this could boost retail demand and help curtail smuggling in the world’s second-biggest consumer of bullion.
Minerals: The custom duties for 25 critical minerals has been exempted.
Fish feed and shrimp: These items will get cheaper after the Centre announced a reduction of custom duties to five per cent.
Solar panels, solar cells and electric vehicles: Finance Minister Sitharaman has also made a proposal to increase the list of exempted capital goods used in the manufacturing of solar panels.
Ferro nickel, and blister copper: The government has removed the basic customs duty for these metals.
Leather goods: The government has announced that leather products will become cheaper.
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What’s more expensive?
However, there are some items that will get dearer after the budget announcement.
Ammonium nitrate: The government has increased customs duty to 10 per cent, making it more expensive.
Plastic products: These items will see a hike in prices as the government has increase the customs duties for the same. The government has also increased customs duties to 25 per cent for non-biodegradable products.
Specified telecom equipment: This Union Budget won’t be a reason to smile for the telecom industry. While mobile phones have been made cheaper, some equipment has been more expensive by increasing the basic customs duty to 15 per cent from 10 per cent.
Equity investments held for less than one year: The tax on such assets has been to 20 per cent from 15 per cent.
Shares held for more than 12 months:
The tax on shares that are held for more than a year has been increased to 12.5 per cent from 10 per cent.
With inputs from agencies
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