Finance Minister Nirmala Sitharaman’s adjustment to basic customs duties in the 2024-25 Union Budget has led to changes in prices for various items, making some cheaper and others costlier. Here is a list of how the Union Budget 2024 impacts prices:
Items That Became Cheaper:
- Jewellery: Duties on gold, silver, and platinum were reduced to 6% and 6.4% respectively, intended to lower input costs and reduce jewellery prices in the domestic market.
- Cancer Drugs: Customs duties were completely removed from three specific cancer treatments (Trastuzumab Deruxtecan, Osimertinib, and Durvalumab), aiming to make these crucial medications more affordable.
- Mobile Phones and Chargers: The budget proposed a reduction in the basic customs duty for mobile phones, PCBAs, and chargers from 20% to 15%, which should make these products cheaper.
- Solar Modules: Removal of customs duty on specified capital goods used in manufacturing solar cells or modules to support clean energy initiatives.
- Fish Feed: Reduction in customs duty on certain broodstock, polychaete worms, shrimp, and fish feed to 5%, which is expected to support the booming seafood export industry.
- Leather Products: Removal of duty on the import of wet white, crust, and finished leather for manufacturing export goods to boost the leather and textile sectors.
Read more – Budget 2024 Highlights
Items That Became Costlier:
- Solar Glass: The exemption on customs duties for the import of solar glass was withdrawn due to sufficient domestic production capacity.
- Ammonium Nitrate: An increase in the basic customs duty from 7.5% to 10% to support the expansion of domestic manufacturing capacities.
- PVC Flex Films: The customs duty on poly vinyl chloride (PVC) flex films was raised from 10% to 25% because of their non-biodegradable and hazardous nature.
- Telecom Equipment: Customs duty on the PCBA of specified telecom equipment increased from 10% to 15% to encourage local manufacturing.
These changes in customs duties reflect the government’s focus on promoting domestic industries and sustainability while making essential healthcare more accessible.
