Budget 2024 Custom Duty Reduced
Finance Minister Nirmala Sitharaman announced significant reductions in customs duties on cancer medications and mobile phone components today, aiming to lower their retail prices.
“The government will exempt three additional cancer treatment drugs from customs duty. I will also reduce the basic customs duty on mobile phones, chargers, and other mobile parts,” Sitharaman stated during her Budget 2024 presentation in Parliament.
With the growth of domestic manufacturing in the Indian mobile industry, the basic customs duty on mobile phones, accessories, and chargers has been cut to 15%, according to Sitharaman.
Additionally, duties on imported gold, silver, leather goods, and seafood will be lowered. “I propose to reduce customs duties on gold to 6% and on platinum to 6.5%,” FM Sitharaman announced.
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