Budget

Union Budget 2024: Price drops and price hops! Here’s the list

Custom duties have been lowered on precious metals such as gold and silver to 6%, and platinum to 6.5%

July 23, 2024

Union Budget 2024: Costlier and cheaper items

On Tuesday, Union Budget 2024 was tabled by Finance Minister Nirmala Sitharaman in the Parliament.

Adopting a grassroots approach, the Budget prioritized ensuring accessible medicines, particularly for cancer patients. The three cancer drugs are Trastuzumab deruxtecan, Osimertinib, and Durvalumab.

Custom duties have been lowered on precious metals such as gold and silver to 6%, and platinum to 6.5%. The reduction in duties on gold and silver will significantly fill the retail demand.

The Finance Minister also announced a reduction of customs duty on mobile phones and mobile chargers to 15 percent.

Sitharaman said, “PVC flex banners are non-biodegradable and hazardous for environment and health. To curb their imports, I propose to raise the BCD on them from 10 to 25%.”

Here’s a list of what’s cheap and what’s costlier.

Price Drop

Cancer medicines – Three cancer medicines exempted from customs duties
Mobile phones, chargers
Imported gold & silver
Leather goods
Seafood
25 critical minerals

Price Hop

Nitrate
Non-biodegradable plastics
Telecom products
PVC flex banners

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 Rs.50,000 to Rs.75,000 while the deduction on family pension for pensioners has been enhanced from Rs.15,000 to Rs.25,000/-

This will provide relief to about four crore salaried individuals and pensioners, Sitharaman said.

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