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Budget 2024: Here's what gets cheaper and costlier
Budget 2024 cheaper and costlier list: The finance minister announced measures that will lead to the reduction of prices of mobile phones, gold and silver
Budget 2024 cheaper and costlier list: Finance minister Nirmala Sitharaman presented her seventh Union Budget for the fiscal year 2024-2025. Following this, several items have become cheaper and costlier for consumers.
The first budget of the BJP-led NDA government is envisaged to shape India's economic landscape, affecting everything from infrastructure development to social welfare programs.
The finance minister announced measures that will lead to the reduction of mobile phone prices, gold, silver and copper.
| Cheaper | Costlier |
|---|---|
| Gold, silver and precious metal jewellery | Ammonium nitrate |
| 3 medicines for cancer patients: Trastuzumab Deruxtecan, Osimertinib and Durvalumab | PVC flex banners |
| X-ray machines | Telecommunication Equipment |
| Mobile Phones, mobile chargers | Solar glass and tinned copper interconnect |
| High end electronics | |
| Solar cells and panels | |
| Shrimp and fish feed | |
| Down-filled jackets, leather and textile garments | |
| Spandex yarn | |
| Steel and copper | |
| Resistors, connectors |
Here's is the list of items that have become cheaper
- The finance minister announced reduction of Basic Customs Duty on mobile phones, mobile chargers to 15 percent.
- Customs duty on gold and silver reduced to 6 percent and platinum to 6.4 percent.
- Three cancer treatment medicines exempted from Basic Customs Duty.
- FM also proposed to expand list of exempted capital goods used in manufacturing of solar panels.
- Reduction in TDS rate on e-commerce from 1 percent to 0.1 percent
- Basic Customs Duty on ferronickel, blister copper removed.
- Basic Customs Duty on certain broodstock, polychaete worms, shrimp and fish feed has been reduced to 5 percent.
- Customs duty on various inputs for manufacture of shrimp and fish feed has been exempted.
- To enhance the competitiveness of exports in the leather and textile sectors, BCD on real down filling material from duck or goose has been reduced.
- To support existing and new capacities in the pipeline, Basic Customs Duty on ammonium nitrate has been reduced from 7.5 to 10 percent.
- Basic Customs Duty on oxygen free copper for manufacture of resistors has been removed.
- Customs duties on 25 critical minerals for sectors like nuclear energy, renewable energy, space, defence, telecommunications, and high-tech electronics are made fully exempt and reduce BCD on two of them
Here's the list of items that have become costlier
- FM proposed rise in customs duty on ammonium nitrate to 10 percent.
- Government also proposed rise in customs duty on non-biodegradable plastics to 25 percent.
- Basic customs duty on specified telecom equipment increased to 15 percent from 10 percent.
- The government also proposed to levy TCS of 1 percent on notified goods of value exceeding ₹10 lakh.
- The finance minister also announced that customs duty on solar glass will not be extended.
The finance minister also announced that the standard deduction for salaried employees will be increased from to ₹75,000 from ₹50,000 under new tax regime.
She also proposed to increase tax deduction on family pension for pensioners to ₹25,000 from ₹15,000.
During the 2023 annual budget, the finance minister had announced reducing import taxes on various components including camera lenses in a bid to promote mobile phone manufacturing in India.
The Finance Minister had also cut the tax rate on lithium-ion batteries, an essential component for phones and electric vehicles. This policy change aims to make it cheaper for companies to manufacture phones in India.
The Economic Survey 2024 showed India's GDP may grow between 6.5-7% this year and retail inflation declined to 5.4% during 2023-24, compared to 6.7% previously.
The Economic Survey 2023-24, presented by Finance Minister Nirmala Sitharaman in the parliament on July 22, 2024, used the words ‘Service’ and ‘growth’ the most.
Like the previous few full Union Budgets, Budget 2024 was also delivered in paperless form. An Interim Union Budget 2024 was presented on February 1, as the country was due for general elections.
