Budget 2024: Customs Duty Changes Across Goods| Know What Goes Cheaper

Presenting the Budget for the seventh consecutive time, Union Finance Minister Nirmala Sitharaman announced a reduction in basic customs duty on gold, silver, and platinum while on the other hand, customs duty will increase on ammonium nitrate to 10 percent and 25 percent on non-biodegradable plastics.

In her consecutive seventh budget presentation in Parliament, Union Finance Minister Nirmala Sitharaman today proposed reduction in basic customs duty on gold and silver to 6 per cent and platinum to 6.4 per cent.

Furthermore, Sitharaman also announced removal of basic customs duty on ferronickel, blister copper, while increasing the same to 15 percent from 10 percent on specified imported telecom equipment.

It has also been announced that e-commerce export hubs would be set up in PPP (public private partnership) mode to enable MSMEs sell their products She also proposed expanding the list of exempted capital goods used in manufacturing of solar cells and panels.

Budget 2024: Priority areas

productivity and resilience in agriculture
employment and skilling
inclusive human resource development and social justice
manufacturing and services
urban development
energy security
infrastructure
innovation research development
next generation reforms

Finance Minister Nirmala Sitharaman with Budget tablet - Tribhuvan Tiwari/Outlook

Budget 2024: Sitharaman Announces Big Plans For Andhra Pradesh, Bihar

BY Outlook Web Desk

Budget 2024: Changes in customs duty

The reduction in basic customs duty will be applicable for gold, silver and platinum. Sitharaman also proposed reduction in basic customs duty on certain brood stocks, shrimps and fish feed to 5 per cent.

On the other hand, Sitharaman said the government will raise customs duty on ammonium nitrate to 10 per cent and 25 per cent on non-biodegradable plastics.