Himalaya Harbinger, Rudrapur Bureau
Budget 2024 cheaper and costlier list: Finance minister Nirmala Sitharaman presented her seventh Union Budget for the fiscal year 2024-2025. Following this, several items have become cheaper and costlier for consumers.
The first budget of the BJP-led NDA government is envisaged to shape India’s economic landscape, affecting everything from infrastructure development to social welfare programs.
The finance minister announced measures that will lead to the reduction of mobile phone prices, gold, silver and copper.
Here’s is the list of items that have become cheaper
The finance minister announced reduction of Basic Customs Duty on mobile phones, mobile chargers to 15 percent.
Customs duty on gold and silver reduced to 6 percent and platinum to 6.4 percent.
Three cancer treatment medicines exempted from Basic Customs Duty.
FM also proposed to expand list of exempted capital goods used in manufacturing of solar panels.
Reduction in TDS rate on e-commerce from 1 percent to 0.1 percent
Basic Customs Duty on ferronickel, blister copper removed.
Here’s the list of items that have become costlier
FM proposed rise in customs duty on ammonium nitrate to 10 percent and 25 percent on non-biodegradable plastics.
Basic customs duty on specified telecom equipment increased to 15 percent from 10 percent.
The government also proposed to levy TCS of 1 percent on notified goods of value exceeding ₹10 lakh.
The finance minister also announced that the standard deduction for salaried employees will be increased from to ₹75,000 from ₹50,000 under new tax regime.
She also proposed to increase tax deduction on family pension for pensioners to ₹25,000 from ₹15,000.
During the 2023 annual budget, the finance minister had announced reducing import taxes on various components including camera lenses in a bid to promote mobile phone manufacturing in India.
The Finance Minister had also cut the tax rate on lithium-ion batteries, an essential component for phones and electric vehicles. This policy change aims to make it cheaper for companies to manufacture phones in India.
The Economic Survey 2024 showed India’s GDP may grow between 6.5-7% this year and retail inflation declined to 5.4% during 2023-24, compared to 6.7% previously.
The Economic Survey 2023-24, presented by Finance Minister Nirmala Sitharaman in the parliament on July 22, 2024, used the words ‘Service’ and ‘growth’ the most.
Like the previous few full Union Budgets, Budget 2024 was also delivered in paperless form. An Interim Union Budget 2024 was presented on February 1, as the country was due for general elections.
In hopes of tax relaxations, the middle class are expecting a hike in the standard deduction limit, a hike basic tax exemption limit in the new income tax regime, and simplified capital gain tax regimes.
People also have hopes that the central government will rationalise the income tax slab, raise the section 80c deduction limit, and give more tax benefits to home buyers and investors under the new tax regime in the 2024 Union budget.
