The budget also introduces reduced duties on imported gold, silver, leather goods, and seafood, making these items more affordable for consumers. This strategic move is designed to decrease the cost of essential goods and boost their accessibility in the retail market.

"The government will exempt three more cancer treatment drugs from customs duty," said Sitharaman during her budget speech in Parliament. This exemption aims to reduce the financial burden on cancer patients and make vital medications more accessible.

The reduction in customs duties on mobile phones and their accessories is particularly notable, as it aligns with the government’s ongoing efforts to promote domestic manufacturing and technological adoption. By lowering the import costs of components, the budget aims to make mobile phones and related accessories cheaper for the end consumer.

Union Budget 2024 Announcement: Full List Of Cheaper And Costlier Items

The Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, introduced several reductions in customs duties, making various essential and luxury items more affordable. Here are the key changes:

Budget 2024: List of Items That Have Become Cheaper

• Mobile Phones and Chargers: Basic Customs Duty (BCD) reduced to 15 per cent.
• Gold and Silver: Customs duty reduced to 6 per cent.
• Platinum: Customs duty reduced to 6.4 per cent.
• Cancer Treatment Medicines: Three specific medicines exempted from basic customs duty.
• Solar Panel Manufacturing: Expansion of the list of exempted capital goods used in manufacturing.
• E-commerce Transactions: Reduction in TDS rate from 1 per cent to 0.1 per cent.
• Ferronickel and Blister Copper: Basic Customs Duty removed.
• Shrimp and Fish Feed: Reduced customs duty on shrimp and fish feed to 5 per cent.
• Critical Minerals: Custom duties fully exempted on 25 critical minerals
• Footwear: Customs duties on leather and footwear manufacturing will be reduced.

Budget 2024: List of Items That Have Become Costlier

• Ammonium Nitrate: Customs duty increased to 10 percent.
• Non-biodegradable Plastics: Customs duty raised to 25 percent.
• Specified Telecom Equipment: Basic Customs Duty increased from 10 per cent to 15 per cent.
• Equity investments held for less than one year: Tax increased to 20per cent from 15 per cent.
• Shares held for more than 12 months: Tax increased to 12.5per cent from 10 per cent