Budget 2024 items list

Budget 2024: Cheaper and Costlier Items List

Finance Minister Nirmala Sitharaman presented her seventh Union Budget for the fiscal year 2024-2025. This budget aims to shape India’s economic landscape, influencing various sectors from infrastructure development to social welfare programs. Following the budget announcement, several items have become cheaper while others have become costlier for consumers.

Items That Have Become Cheaper

Mobile Phones and Chargers

• Basic Customs Duty (BCD) on mobile phones and mobile chargers reduced to 15%.

Gold, Silver, and Platinum

• Customs Duty on gold and silver reduced to 6%.
• Customs Duty on platinum reduced to 6.4%.

Cancer Treatment Medicines

• Basic Customs Duty on three cancer treatment medicines—Trastuzumab Deruxtecan, Osimertinib, and Durvalumab—exempted.

Solar Panels and Related Components

• Exemptions extended to capital goods used in manufacturing solar panels.
• Basic Customs Duty on certain components for solar panel manufacturing reduced.

E-Commerce Transactions

• TDS Rate on e-commerce transactions reduced from 1% to 0.1%.

Industrial and Agricultural Inputs

• Basic Customs Duty on ferronickel and blister copper removed.
• Basic Customs Duty on broodstock, polychaete worms, shrimp, and fish feed reduced to 5%.
• Customs Duty on various inputs for shrimp and fish feed manufacturing exempted.

Leather and Textile Sectors

• Basic Customs Duty on real down filling material from duck or goose reduced to support competitiveness.

Manufacturing and Industrial Goods

• Basic Customs Duty on oxygen-free copper for resistor manufacturing removed.
• Customs Duty on 25 critical minerals for sectors like nuclear energy, renewable energy, space, defense, telecommunications, and high-tech electronics fully exempted.

  

Items That Have Become Costlier

Ammonium Nitrate

• Customs Duty on ammonium nitrate increased to 10%.

Non-Biodegradable Plastics

• Customs Duty on non-biodegradable plastics increased to 25%.

Telecom Equipment

• Basic Customs Duty on specified telecom equipment increased to 15% from 10%.

High-Value Goods

• TCS (Tax Collected at Source) of 1% levied on notified goods valued over ₹10 lakh.

Solar Glass

• Customs Duty on solar glass will not be extended.

  

Additional Highlights

Lithium-Ion Batteries

• Tax Rate on lithium-ion batteries reduced to promote local manufacturing of phones and electric vehicles.

Economic Survey Insights

• India’s GDP is projected to grow between 6.5-7% this year.
• Retail inflation declined to 5.4% during 2023-24, compared to 6.7% previously.
• The Economic Survey 2023-24 highlighted “Service” and “growth” as key themes.

Paperless Budget

• Following the trend of recent years, Budget 2024 was delivered in a paperless format. An Interim Union Budget 2024 was presented on February 1 due to upcoming general elections.

Tax Benefits for Individuals

• Standard Deduction for salaried employees increased from ₹50,000 to ₹75,000 under the new tax regime.
• Tax Deduction on family pensions increased from ₹15,000 to ₹25,000.

Previous Announcements

• During the 2023 annual budget, the finance minister announced a reduction in import taxes on various components, including camera lenses, to promote mobile phone manufacturing in India.

  

Conclusion

The Union Budget 2024-2025 introduced several changes that will impact the prices of various goods. While consumers can expect reduced costs for items like mobile phones, gold, and silver, other goods such as non-biodegradable plastics and certain telecom equipment will see a price increase. Stay informed about these changes to plan your purchases accordingly.

FAQS:

1. What are some items that have become cheaper due to Budget 2024?

Several items have become cheaper, including:

• Mobile phones and chargers (Basic Customs Duty reduced to 15%)
• Gold, silver, and platinum (Customs Duty reduced to 6% and 6.4%, respectively)
• Cancer treatment medicines (Basic Customs Duty exempted for specific medicines)
• Solar panels and related components
• E-commerce transactions (TDS rate reduced from 1% to 0.1%)
• Industrial and agricultural inputs
• Leather and textile sector materials

2. Which cancer treatment medicines are exempted from Basic Customs Duty?

The cancer treatment medicines exempted from Basic Customs Duty are Trastuzumab Deruxtecan, Osimertinib, and Durvalumab.

3. What changes have been made to the customs duty on mobile phones and chargers?

The Basic Customs Duty (BCD) on mobile phones and mobile chargers has been reduced to 15%.

4. What items have become costlier due to the new budget?

Items that have become costlier include:

• Ammonium nitrate (Customs Duty increased to 10%)
• Non-biodegradable plastics (Customs Duty increased to 25%)
• Specified telecom equipment (Basic Customs Duty increased to 15% from 10%)
• High-value goods (TCS of 1% levied on notified goods valued over ₹10 lakh)
• Solar glass (Customs Duty not extended)

5. How has the tax rate on lithium-ion batteries been affected?

The tax rate on lithium-ion batteries has been reduced to promote local manufacturing of phones and electric vehicles.

6. What are the key highlights from the Economic Survey 2023-24?

Key highlights include:

• India’s GDP is projected to grow between 6.5-7% this year.
• Retail inflation declined to 5.4% during 2023-24, compared to 6.7% previously.
• The Economic Survey highlighted “Service” and “growth” as key themes.

7. Were there any changes in tax benefits for individuals in Budget 2024?

Yes, there were changes in tax benefits for individuals:

• The standard deduction for salaried employees increased from ₹50,000 to ₹75,000 under the new tax regime.
• The tax deduction on family pensions increased from ₹15,000 to ₹25,000.

8. What impact does Budget 2024 have on the cost of telecom equipment?

The Basic Customs Duty on specified telecom equipment has been increased to 15% from the previous 10%, making these items costlier.

9. What are the changes related to e-commerce transactions in Budget 2024?

The TDS (Tax Deducted at Source) rate on e-commerce transactions has been reduced from 1% to 0.1%.

10. How does Budget 2024 support the solar panel industry?

The budget extends exemptions to capital goods used in manufacturing solar panels and reduces the Basic Customs Duty on certain components required for solar panel manufacturing.

Budget 2024 items list

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