Cheaper-costlier Budget 2024-25

With Finance Minister Nirmala Sitharaman announcing a major reduction in customs duty on cancer drugs and mobile phones, it is set to considerably bring down their prices in the market. The three cancer drugs are Trastuzumab deruxtecan, Osimertinib and Durvalumab.

The Finance Minister also announced a reduction of customs duty on mobile phones, mobile printed circuit board assembly (PCBA), and mobile chargers to 15%.

“The government will exempt three cancer treatment drugs from customs duty. I will also reduce basic customs duty on mobile phones, chargers and other mobile parts,” FM Sitharaman said presenting the Budget 2024.

Other products that are set to become cheaper include mobile phones, imported gold, silver, leather goods, and seafood.

The reduction in duties on gold and silver by 6% will significantly give a fillip to the retail demand.

FM Sitharaman also proposed a reduction in customs duties on platinum by 6.4%.

Customs duty on three more medicines to be fully removed, to provide relief to cancer patients. "I propose changes in the basic customs duty on X-ray tubes and flat panel detectors for domestic X-ray machines’ production," said FM Sitharaman.

Fully exempt customs duty on lithium and other critical minerals.

Moreover, to curb the imports of non biodegradable and environment hazardous items including PVC, plastics, flex banners, mostly used for advertising an political campaigns, the BCD increased from 10 to 25%. 

Solar set and panels, and leather and textiles duty rates have also been decreased.

For the salaried class, the Finance Minister announced tax sops for over 4 crore salaried individuals.

Those under the new tax regime, have been given relaxation in the standard deduction limit from ₹50,000 to ₹75,000 while the deduction on family pension for pensioners has been enhanced from ₹15,000 to ₹25,000/-

This will provide relief to about four crore salaried individuals and pensioners, the Finance Minister said.

(With inputs from syndicated feed)