Finance Minister Nirmala Sitharaman, in her Budget 2024-25 speech, proposed making some items cheaper by reducing the customs duty on them. On the other hand, some items will now be costlier after the government increases the customs duty on them.
Here's what is getting cheaper:
The Budget 2024-25 proposed a decrease in the basic customs duty on gold and silver to 6 per cent and on platinum to 6.4 per cent on Tuesday, bringing down their prices.
During her budget speech in Lok Sabha, she also suggested reducing the basic customs duty on mobile phones and mobile chargers to 15 per cent, effectively making them cheaper.
Clothes, shoes, electric cars, X-ray equipment, Lithium-ion batteries, solar sets, and fish and fish products will also be cheaper.
Customs duty on 25 critical minerals has been exempted, making them cheaper.
The minister announced the removal of the basic customs duty on ferronickel and blister copper.
The gems and jewellery industry has long requested a reduction in the basic customs duty on gold, silver, and platinum.
Sitharaman also suggested reducing the basic customs duty on certain brood stocks, shrimps, and fish feed to 5 per cent.
In addition, customs duty on cancer medicines and mobile phones will be reduced, significantly lowering their prices in the retail market. Imported seafood and leather goods are also set to get cheaper.
What's getting costlier?
The government has raised customs duty on ammonium nitrate to 10 per cent and 25 per cent on non-biodegradable plastics, which will make these items more expensive.
Cigarettes and air travel will also be costlier now.
The basic customs duty has been increased to 15 per cent from 10 per cent on specified telecom equipment, making them costlier.
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