Union Budget 2024-25: Major Customs Duty Overhaul

Finance Minister Nirmala Sitharaman's Union Budget 2024-25 introduces significant customs duty changes. Precious metals, certain cancer drugs, and mobile phones will see reduced duties, while items like imported garden umbrellas and PVC flex films will see increased duties. Key industries including energy, technology, and healthcare are impacted.

Finance Minister Nirmala Sitharaman announced a series of customs duty adjustments in the Union Budget 2024-25, presenting reductions on gold, silver, and vital medical devices. Specific cancer drugs, namely Trastuzumab Deruxtecan, Osimertinib, and Durvalumab, will be exempted from customs duty, alleviating financial burdens on patients.

Conversely, items such as imported garden umbrellas and laboratory chemicals will incur higher duties. The budget also aims to boost domestic production by cutting duties on mobile phones, chargers, and components, thus enhancing India's mobile phone industry.

Critical sectors like renewable energy, telecommunications, and seafood exports are poised for growth with targeted duty reductions on essential minerals, solar manufacturing goods, and seafood feed. However, duties on non-biodegradable items like PVC flex films will rise to promote environmental sustainability.

(With inputs from agencies.)