Finance Minister Nirmala Sitharaman on Tuesday unveiled the Union Budget 2024-25 with a series of proposals aimed at reshaping import tariffs to bolster domestic production and address key sectors. The budget introduced significant reductions in customs duties for several categories, notably mobile phones, mobile PCBA, chargers, gold, silver, cancer treatment drugs, and critical minerals.

However, alongside these reductions, the budget also increased customs duties for specific items such as telecom equipment, ammonium nitrate, and non-biodegradable plastics.

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Below are products set to get cheaper and dearer

Cheaper Items:

– Mobile phones, mobile PCBA (Printed Circuit Board Assembly), and chargers: customs duties slashed by 15%

– Gold and Silver: Customs duties reduced by 6%

– Cancer Treatment Drugs and Critical Minerals: Exempted from customs duties

– Brood stocks, shrimps, and fish feed: Basic customs duty reduced to 5%

– Solar panels, Solar cells & Electric vehicles: Broadened the range of exempted capital goods used in manufacturing

Dearer Items

– Specified Telecom Equipment: Basic customs duty increased from 10% to 15%

– Ammonium Nitrate: Customs duty raised to 10%

– Non-Biodegradable Plastics: Customs duty hiked to 25%