New Delhi: In the Budget 2024, the Finance Minister has proposed reducing customs duties on precious metals. Specifically, the customs duty on gold and silver will be cut to 6%, while the duty on platinum will be reduced to 6.4%. This move aims to add domestic value to gold and precious metal jewelry. The Finance Minister emphasized this initiative during her Budget 2024 speech.
The government has proposed to reduce customs duty on mobile phones and related parts to 15%, in what is seen as a fillip to local manufacturing.
In Budget 2024, the following customs duty changes have been proposed:
- Mobile Phones and Related Parts: Duty reduced to 15%.
- 25 Critical Minerals: Exempted from customs duty.
- Brood Stock, Shrimp, and Fish Feed: Duty reduced to 5%.
- Real Down-Filling Material (Duck or Goose): Duty cut.
- Spandex Yarn: Duty reduced from 7.5% to 5%.
- Export Duty on Raw Hides, Skins, and Leather: Simplified.
- Gold and Silver: Duty reduced to 6%; platinum reduced to 6.4%.
- Ferro Nickel and Blister Copper: No customs duty.
- Oxygen-Free Copper for Resistors: No customs duty.
- Ammonium Nitrate: Duty increased to 10% from 7.5%.
- PVC Flex Banners: Duty raised to 25% from 10%.
- Telecom Equipment: Duty increased to 15% from 10%
- Here is a list of what will get cheaper and what will get expensive:
- Cheaper :
- 3 cancer medicines
- Mobile phones, chargers
- Imported gold
- Imported silver
- Leather goods
- Seafood
- X-ray tubes
- Prawns, fish feed
- Steel
- copper
- Capital goods for use in the manufacture of solar cells and panels
- 25 critical minerals
- Broodstock, polychaete worms, shrimp, and fish feed
- Methylene diphenyl diisocyanate (MDI) used for the manufacture of spandex yarn
- Oxygen-free copper is used for the manufacture of resistors
- Costlier
- Plastic items
- PVC flex banners
- Solar glass and tinned copper
- Interconnect
- Ammonium nitrate
