Finance Minister Nirmala Sitharaman unveiled the Union Budget for the fiscal year 2024-2025 today, marking her seventh budget presentation. This budget, the first of the BJP-led NDA government's new term, introduces several changes aimed at impacting various sectors from infrastructure to social welfare.

One of the significant aspects of Budget 2024 is the revision in customs duties on various items. The budget aims to make essential goods more affordable by lowering duties on items like cancer medicines and mobile phones. Here's a breakdown of what’s becoming cheaper and what’s going up in cost:

Items Becoming Cheaper:

• Mobile Phones: The basic customs duty on mobile phones and chargers will decrease to 15%.
• Gold and Silver: Customs duties on these metals are reduced to 6%.
• Platinum: Customs duties on platinum will fall to 6.5%.
• Cancer Drugs: Three more cancer treatment drugs will be exempt from customs duties.
• Seafood: Basic customs duties on certain shrimp and fish feed will be cut to 5%.
• Solar Energy Parts: Duties on solar energy parts will remain unchanged.
• Ferronickel and Blister Copper: Basic customs duties on these materials will be removed.
• Footwear: Customs duties on leather and footwear manufacturing will be reduced.

Items Becoming Costlier:

• Ammonium Nitrate: Customs duty will rise to 10%.
• Non-Biodegradable Plastics: Duty on these plastics will increase to 25%.
• Telecom Equipment: Basic customs duty will increase to 15% from 10%.
• Tax Collection at Source (TCS): A 1% TCS will apply to goods exceeding Rs 10 lakh.
• Solar Glass: Customs duty on solar glass will not be extended.

In addition to these changes, the budget includes an increase in the standard deduction for salaried employees under the new tax regime, raising it from Rs 50,000 to Rs 75,000. This move is expected to benefit many taxpayers.

Overall, while some items will see a drop in prices due to reduced customs duties, others will experience an increase in costs. These adjustments aim to balance consumer affordability with economic impacts, including trade deficits and currency pressures.

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