Budget 2024: Mobile Phones to Get Cheaper
Customs Duty Reduction
In the Union Budget 2024, Finance Minister Nirmala Sitharaman announced a significant reduction in customs duty on mobile phones and related parts. The customs duty has been cut to 15%, which is expected to make mobile phones more affordable and boost local manufacturing.
Other Customs Duty Revisions
Several other changes in customs duties were also announced:
- Critical Minerals: Customs duty on 25 critical minerals has been exempted to support various industries.
- Aquaculture: Customs duty on brood stock, shrimp, and fish feed has been reduced to 5%.
- Textiles: The duty on real down-filling material from duck or goose has been cut.
- Manufacturing: The duty for manufacturing spandex yarn has been reduced from 7.5% to 5%.
- Leather Industry: The export duty structure on raw hides, skin, and leather will be simplified.
Precious Metals and Other Materials
- Gold, Silver, and Platinum: Customs duty on gold and silver has been reduced to 6%, and on platinum to 6.4%.
- Copper: No customs duty will be applied to ferro nickel, blister copper, and oxygen-free copper used in manufacturing resistors.
Increased Duties
- Ammonium Nitrate: The customs duty on ammonium nitrate has been raised from 7.5% to 10%.
- PVC Flex Banners: The duty on PVC flex banners has been increased to 25% from 10%.
- Telecom Equipment: Some telecom equipment will now have a customs duty of 15%, up from 10%.
These changes aim to promote domestic manufacturing, support various industries, and make essential goods more affordable for consumers.