Union Budget 2024: Know what is cheaper, what is costlier

New Delhi: Finance Minister Nirmala Sitharaman  presented the Union Budget for 2024-2025 on July 23, 2024, at 11 am in the Parliament. She has earlier on  February 1 presented  the Interim Budget due to the 2024 Lok Sabha elections . This will be the first Budget by the BJP-led NDA government since it was re-elected last month. President Droupadi Murmu has officially approved the budget session to begin on July 22 and continue until August 12.

This year, Finance Minister Nirmala Sitharaman will become the first finance minister in India’s history to deliver seven consecutive budgets. She will surpass the record previously held by Morarji Desai, who presented six consecutive budgets between 1959 and 1963.

Gold, silver, platinum, mobile phones and cancer drugs are among the items likely to become cheaper.

These items will become cheaper:

Mobile Phones: Basic customs duty on mobile phones and mobile chargers to be reduced to 15%

Cancer Drugs: Three more cancer treatment drugs exempted from customs duty

Gold and Silver: Customs duties on gold and silver to be reduced to 6%

Platinum: Customs duties on platinum to be reduced to 6.5%

Seafood: Basic customs duty on certain brood stocks, shrimps and fish feed to be reduced to 5%

Solar Energy Parts: Govt proposes not to extend customs on solar energy-related parts

List of exempted capital goods for use in the manufacturing of solar cells and panels in the country to be expanded

Footwear: Govt proposes to cut customs duty of manufacturing leather and footwear

Critical Minerals: 25 critical minerals to be exempted from customs duties & BCD on two of them to be reduced

Ferronickel, Blister Copper: Basic customs duty on ferronickel and blister copper to be removed

Also Read: Forex Market: Indian rupee declines to record low 

These items may become costlier:

Telecom equipment: Basic customs duty on specified telecom equipment increased to 15% from 10%

Ammonium Nitrate: Customs duty on ammonium nitrate to be raised to 10%

Non-biodegradable Plastics: Customs duty on non-biodegradable plastics to be raised to 10%

Finance Minister Nirmala Sitharaman also said the government plans to raise capital gains exemption limit on certain financial assets to Rs 1.25 lakh per year for middle and upper middle class.