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Latest news India : In the Union Budget 2024-25, Union Minister Nirmala Sitharaman has announced that the customs duty on many cancer drugs and mobile phones will be greatly reduced. Due to this, their prices will decrease significantly in the retail market.
Also, with the decision of the Centre, gold, silver, leather goods and seafood will be available cheaper. Due to increase in excise duty on many goods, their prices are likely to increase. In this background, if we look at some items whose prices are likely to decrease or increase in the retail market.
The prices are reduced..!
- The reduction in basic customs duties on mobile phones, mobile printed circuit boards (PCBA) and chargers is likely to reduce the prices of smartphones for consumers. This move is being hailed as an auspicious sign for Made in India’s manufacturing sector. It seems that this decision has been taken keeping in mind the significant growth in the domestic production and exports of mobile phones in the last six years.
- Cancer drugs: Customs duty has been waived on three cancer drugs. With this, the prices are likely to decrease.
- Gold and silver: 6 percent customs duty has been reduced on these. Industry sources believe that this move will increase retail demand and thus help in curbing smuggling.
- Nirmala Sitharaman proposed in the budget to reduce the customs duty of 6.5% on platinum. The gems and jewelery industry has always been demanding a reduction in basic customs duty on gold, silver and platinum.
- Sea food: Basic customs duty on shrimp and fish feed has been reduced to 5%. There is a possibility that their prices will decrease.
- Solar Energy Components: The Center has proposed not to extend duty on solar power related components.
- Footwear: It has been proposed to reduce the customs duty on leather and footwear and reduce the basic customs duty on minerals like ferronickel and blister copper.
Things that become more dear.. !
- Telecom equipment: The Center has proposed a 5 percent increase in import duty on motherboards in the budget. Due to this, the prices of the goods are likely to increase.
- Customs duty on ammonium nitrate and non-biodegradable plastic has been increased to 10 percent. Due to this, the prices of the goods are likely to increase.
