Gold, silver, platinum, mobile phones and cancer drugs are among the items likely to become cheaper with Finance Minister Nirmala Sitharaman announcing relaxation in duties in her Union Budget 2024 speech on Tuesday.
Here’s what is likely to become cheaper:
Mobile Phones: Basic customs duty on mobile phones and mobile chargers to be reduced to 15%
Cancer Drugs: Three more cancer treatment drugs exempted from customs duty.
Gold and Silver: Customs duties on gold and silver to be reduced to 6%
Platinum: Customs duties on platinum to be reduced to 6.5%
The reduction in basic customs duty of gold, silver and platinum has been a long pending demand of the gems and jewellery industry
Shares of gold and jewellery retailers surged after Nirmala Sitharaman’s announcement. On the BSE, the stock of Senco Gold zoomed 6.16% to trade at Rs 1,000.80 apiece, Rajesh Exports surged 5.49% to Rs 313.90 and PC Jeweller jumped 5% to trade at Rs 74.16 — also its upper circuit limit.
In addition, shares of Titan Company climbed 3.66% to Rs 3,371.65 per piece, Tribhovandas Bhimhji Zaveri rose 2.79% to Rs 140.20, and Kalyan Jewellers India gained 1.54% to Rs 537.05 apiece on the bourse.
Seafood: Basic customs duty on certain brood stocks, shrimps and fish feed to be reduced to 5%
Following the announcement, shares of producers and exporters of seafood products’ firms jumped
The stock of Zeal Aqua soared 9.27%, Kings Infra Ventures surged 8.15%, Coastal Corp climbed 7.55%, Apex Frozen Foods zoomed 7.51% and Waterbase jumped 5.51% on the BSE
Solar Energy Parts: Govt proposes not to extend customs on solar energy-related parts
List of exempted capital goods for use in the manufacturing of solar cells and panels in the country to be expanded
Footwear: Govt proposes to cut customs duty of manufacturing leather and footwear
Critical Minerals: 25 critical minerals to be exempted from customs duties & BCD on two of them to be reduced
Ferronickel, Blister Copper: Basic customs duty on ferronickel and blister copper to be removed
Here’s what is likely to become costlier:
Telecom equipment: Basic customs duty on specified telecom equipment increased to 15% from 10%
Ammonium Nitrate: Customs duty on ammonium nitrate to be raised to 10%
Non-biodegradable Plastics: Customs duty on non-biodegradable plastics to be raised to 10%
Finance Minister Nirmala Sitharaman also said the government plans to raise capital gains exemption limit on certain financial assets to Rs 1.25 lakh per year for middle and upper middle class.
Presenting the Budget for 2024-25, she announced a hike in STT (securities transaction tax) on F&O (futures and options) securities by 0.02% and 0.1%. Income receipt on share buyback will be taxed in the hands of recipients, Sitharaman added.
The Finance Minister further announced abolishing angel tax for all classes of investors in startups. “First of all, to bolster the Indian startup eco-system, boost the entrepreneurial spirit and support innovation, I propose to abolish the so-called angel tax for all classes of investors,” she said.
