Good news for buyers of gold and silver in central budget.

Budget 2024: After the NDA government came to power for the third time at the Centre, the first budget was presented in the Parliament on Tuesday. Union Finance Minister Nirmala Sitharaman presented the budget. Various announcements were made in the budget regarding various sectors. The government has reduced custom duty on many sectors.

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Duty has been lifted on medicines for cancer patients. Finance Minister Nirmala Sitharaman said that medicines used by cancer patients will be available at a lower price. Similarly, BCD has reduced 15 percent on other devices including mobile and mobile charger. Similarly, the custom duty on gold and silver has been reduced by 6 percent. This will reduce the prices of gold and silver. Similarly, custom duty has been reduced on footwear made of leather. However, the prices of telecom equipment will increase. Custom duty has been increased by 15%. Similarly.. seafood will be available cheaply.

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In the reduced items list..

The Finance Minister has announced that the basic customs duty on mobile phones and mobile chargers will be reduced to 15 percent.
The tax rate on lithium-ion batteries needed for phones and electric vehicles has also been reduced. This aims to make it cheaper for companies to make phones in India.
Customs duty on gold and silver has been reduced to 6 percent and on platinum to 6.4 percent.
Cancer treatment drugs are exempted from basic customs duty.
Nirmala Sitharaman also proposed to expand the list of exempted capital goods used in manufacturing of solar panels.
TDS rate on e-commerce reduced from 1 percent to 0.1 percent.
Basic customs duty on ferronickel, blister copper has been abolished.
Leather goods and seafood will be available cheaply.

In the growing list..

Nirmala Sitharaman said that the customs duty on ammonium nitrate will be increased to 10 percent and on non-biodegradable plastics to 25 percent.
Basic customs duty on specified telecom equipment has been increased from 10 percent to 15 percent.