India’s Finance Minister unveiled the Union Budget 2024-25 today. And as it happens after every budget session, people are eager to know how the new budget will affect their day-to-day lives. In simple words, they want to know what becomes costlier and what becomes cheaper! So, let’s find out!
Let’s begin with the ‘Bad News’
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Non-biodegradable plastics and ammonium nitrate to become costlier with customs duty on them being raised to 25% and 10%, respectively.
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Some specified telecom equipment to also get more expensive due to a 5% hike in the basic customs duty, taking it from 10% to 15%.
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For investors, shares held for over an year and equity investments held for less than an year will become costlier with an increase in tax to 20% from 15% and to 12.5% from 10%, respectively.
Union Budget 2024-25: The ‘Good News’
Now, coming to things and assets that have become cheaper. Here’s the list:
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Prices of Mobile phones and related equipment like mobile PCBA and chargers will come down — thanks to the 15% reduction in customs duty on them.
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Gold and Silver will also become cheaper with a 6% reduction in customs duty.
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Critical minerals and three cancer treatment drugs will become cheaper as they have been exempted for any customs duty at all.
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Great news for those who have been walking the path of sustainability as Electric Vehicles, Solar Cells, and Solar Panels will also become cheaper. This is because the capital goods used in their manufacturing will now come under the list of exempted capital goods.
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In Aquaculture, shrimp, fish feed, and brood stocks will also become cheaper with the customs duty being brought down to 5%.