Union Budget 2024: What's Cheaper and What's Costlier? Find Out Here
Finance Minister Nirmala Sitharaman unveiled the Union Budget for 2024-25 on Tuesday, introducing several changes that will impact prices across various sectors. This year’s budget continues the trend of adjusting taxes and duties to influence the cost of everyday items. Let’s break down what has become cheaper and what will cost more based on the latest budget announcements.
# Items Becoming Cheaper
1. Mobile Phones and Accessories
Customs duty on mobile phones, chargers, and related accessories has been reduced to 15%, making these essential items more affordable for consumers.
2. Gold and Silver
The government has lowered the customs duty on gold and silver to 6%, and on platinum to 6.4%, providing some relief for those investing in or purchasing precious metals.
3. Cancer Medicines
Three cancer treatment drugs are now exempt from basic customs duty, potentially lowering the cost of crucial medical treatments.
4. Capital Goods for Solar Panels
The budget expands the list of exempted capital goods used in solar panel manufacturing, supporting the growth of renewable energy.
5. Critical Minerals
Customs duties on 25 critical minerals are fully exempted, reducing costs in industries reliant on these resources.
6. Shrimp and Fish Feed
The duty on shrimp and fish feed has been reduced to 5%, aiding the aquaculture industry and potentially lowering seafood prices.
# Items Becoming Costlier
1. Telecom Equipment
The basic customs duty on specific telecom equipment has been increased from 10% to 15%, which may lead to higher costs for telecommunication services.
2. Plastic Products
Customs duties on plastic products have been raised, likely resulting in higher prices for a range of consumer goods.
# Additional Budget Highlights
- Standard Deduction Increase
- Capital Gains Exemption
The Union Budget 2024 introduces a mix of price changes to make essential items more affordable while increasing costs in specific areas. These adjustments reflect the government’s ongoing efforts to balance economic growth with consumer relief.
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