Finance Minister Nirmala Sitharaman on July 23, 2024 proposed reduction in basic customs duty on gold and silver. File image. | Photo Credit: Reuters
Union Finance Minister Nirmala Sitharaman on July 23 proposed a slew of cuts on the customs duties levied on various items, while presenting the 2024 Union Budget.
“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.
Also Read: Budget 2024 Live updates
“My proposals for customs duties intend to support domestic manufacturing, deepen local value addition, promote export competitiveness, and simplify taxation, while keeping the interest of the general public and consumers surmount”
Here’s a look at a list of what will get costlier and cheaper in Financial Year 2025:
What is cheaper
- Cancer drugs (Trastuzumab Deruxtecan, Osimertinib and Durvalumab)
- Medical X-ray machines
- Mobile phones, chargers
- Equipment using solar cells, panels
- Fish and shrimp feed
- Leather goods
- Footwear
- Textiles
- Gold, silver, platinum making charges
What is costlier
- Ammonium nitrate
- PVC flex banners
- Imported telecom equipment
Related Stories
Finance Minister Nirmala Sitharaman today presented the Union Budget 2024 in Parliament, marking her seventh consecutive budget. She listed out the following nine priorities for the FY 2024-25 Union Budget: productivity and resilience in agriculture, employment and skilling, inclusive human resource development and social justice, manufacturing and services, urban development, energy security, infrastructure, innovation research development, and next generation reforms
Published - July 23, 2024 01:20 pm IST
