Union Budget 2024: Finance Minister Nirmala Sitharaman presented the Union Budget for 2024 on Tuesday, with a focus on affordability and economic inclusivity. The budget highlights significant changes, particularly in healthcare and the import duties on various goods. Basic customs duties (BCDs) on precious metals such as gold and silver have been reduced to 6 per cent, while the duty on platinum has been adjusted to 6.5 per cent. These changes are expected to make these metals more affordable for consumers.
In addition, customs duties on precious metals such as gold and silver have been reduced to 6 per cent, while the duty on platinum has been adjusted to 6.5 per cent. These changes are expected to make these metals more affordable for consumers.
ALSO READ: BCD Vs ACD Vs Special CVD: Customs Duties In India Explained
One of the key announcements is the focus on making cancer treatments more accessible by exempting three critical cancer medications from customs duties. This move aims to alleviate the financial burden on patients and improve public health outcomes.
On the other hand, certain goods will see a rise in costs.
Here is a summary of the items affected by the new budget:
Budget 2024: What Will Become Cheaper?
- Mobile phones and chargers: BCD reduced to 15 per cent on mobile phones, PCBA, and chargers
- Cancer medicines: Exempted from customs duties
- Precious metals: Customs duty on gold and silver reduced to 6 per cent, platinum to 6.5 per cent
- Critical minerals: Exempted from customs duties on 25 key minerals
- Fish feed and shrimp: BCD reduced to 5 per cent
Budget 2024: What Will Become Costlier?
- Plastic goods: BCD raised from 10 per cent to 25 per cent
- Telecom equipment: BCD upped from 10 per cent to 15 per cent on specified telecom equipment PCBA
These adjustments reflect the government's strategic approach to balancing economic growth with health and environmental priorities.