Finance Minister Nirmala Sitharaman unveiled the Union Budget 2024 today, July 23. The budget includes a notable reduction in customs duties for cancer medications and mobile phones, which is expected to lower their retail prices. However, customs duties on ammonium nitrate have been increased by 10%, and non-biodegradable plastics will see a 25% hike.
The basic customs duty on certain telecom equipment has been raised from 10% to 15%. Additionally, a Tax Collected at Source (TCS) of 1% will be applied to notified goods valued over Rs. 10 lakh.
Sitharaman also proposed increasing the standard deduction for salaried employees under the new tax regime from Rs. 50,000 to Rs. 75,000. Furthermore, the tax deduction on family pensions will rise to Rs. 25,000 from Rs. 15,000.
This first budget of the Modi 3.0 government is anticipated to have a substantial impact on India’s economic landscape, addressing a range of sectors from infrastructure to social welfare programs.
Prime Minister Narendra Modi had indicated that the Finance Minister would present a robust budget and assured that the government’s promises would benefit the common people. On the first day of the Monsoon Session of Parliament, Sitharaman had also tabled the Economic Survey.