Union Budget 2024-25: Key Changes in Customs Duty for Precious Metals, Cancer Drugs, and Mobile Imports

The Union Budget 2024-25 introduced by Finance Minister Nirmala Sitharaman includes cuts in customs duty on gold, silver, certain cancer drugs, and imported mobile phones, making them cheaper. Meanwhile, imported garden umbrellas, laboratory chemicals, and other items will become more expensive due to increased customs duties.

Finance Minister Nirmala Sitharaman's Union Budget 2024-25 brings significant changes in customs duty, aimed at making essential goods more affordable and raising revenues on others. Gold, silver, imported mobile phones, and specific cancer drugs will see reduced customs duties, potentially lowering their prices.

On the other hand, items like imported garden umbrellas and laboratory chemicals are expected to incur higher costs due to increased basic customs duties. This strategic shift aims to balance affordability and revenue generation.

Key items set to become cheaper include precious metals, medical equipment, and various capital goods used in manufacturing, while solar glass and tinned copper interconnect for solar modules will attract higher charges.