On Saturday, Union Finance Minister Nirmala Sitharaman presented the Union Budget 2024 in Parliament, marking her eighth consecutive budget. The budget includes several key announcements, particularly changes in direct and indirect taxes on various products and services. These changes are expected to make some items cheaper, while others could see price increases due to new tax hikes. Notably, taxes on cancer-related medicines and electric vehicles (EVs) have been reduced.
What Will Become Cheaper?
Leather goods
Electronic products
Mobile phones and mobile batteries
Electric cars
Clothing items
LED TVs
36 cancer-related medicines, which will now be completely tax-free
Several medicines, with customs duties removed
Frozen fish paste, with customs duty reduced from 15% to 5%
Handwoven textiles
Marine products, with customs duty reduced from 30% to 5%