Union Budget 2024: What Gets Cheaper and What’s Costlier? Check the List Here

Today, the NDA government presents its first budget of the third term, featuring numerous announcements across various sectors. Public interest centers on the financial impact on citizens and any relief measures introduced. Notably, the government has reduced customs duty rates on several items, including a complete exemption for cancer drugs, and abolished customs duties on 25 essential minerals.

Here are some items that have become cheaper due to government announcements:

1. The finance minister announced reduction of Basic Customs Duty on mobile phones, mobile chargers to 15 percent.
2. Customs duty on gold and silver reduced to 6 percent and platinum to 6.4 percent.
3. Three cancer treatment medicines exempted from Basic Customs Duty.
4. FM also proposed to expand list of exempted capital goods used in manufacturing of solar panels.
5. Reduction in TDS rate on e-commerce from 1 percent to 0.1 percent
6. Basic Customs Duty on ferronickel, blister copper removed.
7. Basic Customs Duty on certain broodstock, polychaete worms, shrimp and fish feed has been reduced to 5 percent.
8. Customs duty on various inputs for manufacture of shrimp and fish feed has been exempted.
9. 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.
10. To support existing and new capacities in the pipeline, Basic Customs Duty on ammonium nitrate has been reduced from 7.5 to 10 percent.
11. Basic Customs Duty on oxygen free copper for manufacture of resistors has been removed.
12. 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

1. FM proposed rise in customs duty on ammonium nitrate to 10 percent.
2. Government also proposed rise in customs duty on non-biodegradable plastics to 25 percent.
3. Basic customs duty on specified telecom equipment increased to 15 percent from 10 percent.
4. The government also proposed to levy TCS of 1 percent on notified goods of value exceeding ₹10 lakh.
5. The finance minister also announced that customs duty on solar glass will not be extended.