Budget 2024
The First Modi 3.0 budget was announced on Tuesday, July 23, by Finance Minister Nirmala Sitharaman. Sitharaman has stated that she would be raising and decreasing taxes on a number of significant goods.
Let’s find component wise list which became more costly and which became less expensive after these budgetary announcements.
Budget 2024: These items are going to get cheaper post the budget release
- Three medicines related to cancer were exempt from customs duties. Additionally, import taxes have been lowered for flat panel detectors and X-ray tubes.
- 15% off of customs duty on mobile phones and parts, including PCBs and phone chargers.
- There are no customs fees for 25 essential minerals.
- Products that produce solar panels and cells are free from taxes.
- The customs charge on silver and gold is now only 6%. The cost of jewelry will decrease.
- Platinum no longer has to pay a 6.4% customs charge.
- The decision to raise the five percent import tariff on fish and other aquatic animal feeds.
Budget 2024: These items come at an increased cost to consumers
- PVC flex banner imports will be costly.
- Certain telecom equipment imports may increase in cost. The 10% base customs charge was raised to 15%. Under Make in India, the government plans to encourage low-cost local products manufactured in the nation.
- Investments in stocks maintained for more than a year will increase in cost. The 15% tax rate has been increased to 20%.
- Long-term holders of shares will pay an additional fee. The tax rate has been raised to 12.5% from 10%.
- Ammonium nitrate import duties went hiked by 10%.
- Plastics that are not biodegradable are going to get more costly. There has been an increase of 25 percent in import duties.
Budget 2024 : Items on which import duty got reduced?
| S.No. | Components | Then (%) | Now (%) |
| Agricultural Products | |||
| 1 | Shea Seed | 30 | 15 |
| Aquafarming and Marine Exports | |||
| 1 | Prawn and Shrimp Feed | 15 | 5 |
| 2 | Fish Feed | 15 | 5 |
| 3 | Various inputs for aquaculture feed | 30 / 15 / 5 | 0 |
| 4 | Artemia | 5 | 0 |
| 5 | Artemia Cysts | 5 | 0 |
| 6 | SPF Polycate Worms | 30 | 5 |
| 7 | Live SPF Vanaami and Black Tiger Shrimp Broodstock | 10 | 5 |
| 8 | Insect Meal for R&D | 15 | 5 |
| 9 | From natural gas to single cell protein for R&D | 15 | 5 |
| 10 | Pre-dusted breading powder for seafood processing | 30 | 0 |
| Important Minerals | |||
| 1 | Various minerals like Antimony, Cobalt, Copper, etc. | 10 / 7.5 / 5 / 2.5 | 0 |
| 2 | Graphite | 7.5 / 5 | 2.5 |
| 3 | Silicon Quartz, Silicon Dioxide | 7.5 / 5 | 2.5 |
| Cancer Drugs | |||
| 1 | Trastuzumab dextaxan, osimertinib, durvalumab | 10 | 0 |
| Precious Metals | |||
| 1 | Gold bar | 15 | 6 |
| 2 | Gold thread | 14.35 | 5.35 |
| 3 | Silver bar | 15 | 6 |
| 4 | Silver thread | 14.35 | 5.35 |
| 5 | Platinum, palladium, osmium, ruthenium, iridium | 15.4 | 6.4 |
| 6 | Precious metal coins | 15 | 6 |
| 7 | Gold/Silver Search | 15 | 6 |
| 8 | Platinum and palladium used in vented solutions, etc. | 7.5 | 5 |
| 9 | Bushings made of platinum and rhodium alloys that have been dimpled or annealed abroad | 7.5 | 5 |
| Textile and Leather Sector | |||
| 1 | For manufacturing MDI spandex yarn | 7.5 | 5 |
| 2 | Wet White, Crust and Finished Leather for Export | 10 | 0 |
| 3 | Additional accessories and decorations for textiles or leather products for export | According to merit | 0 |
| 4 | Real down filling material made from eggs and geese | 30 | 10 |
| Steel Sector | |||
| 1 | Ferro-Nickel | 2.5 | 0 |
| 2 | Iron Cancel | Nil (up to 30.09.2024) | Nil (up to 31.03.2026) |
| 3 | Specified raw material for manufacture of CRGO steel | Nil (up to 30.09.2024) | Nil (up to 31.03.2026) |
| Copper field | |||
| 1 | Blister Copper | 5 | 0 |
| Capital goods | |||
| 1 | Spare parts for petroleum exploration | According to merit | 0 |
| 2 | Additional capital inputs for manufacturing of solar cells and modules | 7.5 | 0 |
| Shipping Area | |||
| 1 | Components and consumers for shipbuilding | According to merit | 0 |
| 2 | Technical documents and spare parts for warship construction | According to merit | 0 |
| IT and Electronics | |||
| 1 | Cellular mobile phone | 20 | 15 |
| 2 | Cellular mobile phone charger/adapter | 20 | 15 |
| 3 | Printed Circuit Board Assembly of Cellular Mobile Phone | 20 | 15 |
| 4 | Materials for the manufacture of connectors | 5 / 7.5 | 0 |
| 5 | Oxygen free copper for manufacturing of resistors | 5 | 0 |
| Medical Equipment | |||
| 1 | Polyethylene for Orthopedic Implants | According to merit | 0 |
| 2 | Special grade stainless steel, titanium alloy for other fake body parts | According to merit | 0 |
| 3 | X-ray tubes and detectors for the manufacture of medical X-ray machines | 15 (till 31.03.2025) | 5 (from 01.04.2025 to 31.03.2026) |
Also Read: Economic Survey 2024; What is Global factory; Why China is upset, What are the progress statistics?
Budget 2024 : Items on which import duty got increased?
| S.No. | Components | Then (%) | Now (%) |
| Plastics and chemicals | |||
| 1 | ammonium nitrate | 7.5 | 10 |
| 2 | PVC Flex Film/Flex Banners | 10 | 25 |
| Chemical Substances | |||
| 1 | Laboratory chemical under heading 9802 | 10 | 150 |
| Renewable sector | |||
| 1 | Solar glass for manufacturing solar cells or modules | 0 | 10 |
| (from 01.10.24) | |||
| 2 | Tinned copper interconnects for manufacturing solar cells or modules | 0 | 5 |
| (from 01.10.24) | |||
| Miscellaneous Clothing | |||
| 1 | PCBA of specified telecommunication equipment | 10 | 15 |
| 2 | Garden Umbrella (Tariff Item 6601 10 00) | 20 | 20 or ₹60 per copy, whichever is higher |
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