Budget 2024: Key Changes In Customs Duties And Taxes Announced | Union Budget 2024

Budget 2024: Finance Minister Nirmala Sitharaman unveiled the Union Budget 2024 with significant adjustments in customs duties and taxes. Mobile phones and chargers will become cheaper as the basic customs duty is reduced to 15%. The same reduction applies to gold and silver. However, taxes on equity investments held for less than a year have increased to 20% from 15%, and on shares held for more than 12 months, it has risen to 12.5% from 10%. Critical minerals and three additional cancer drugs are now exempt from customs duties, while duties on specific telecom equipment and ammonium nitrate have been raised. Non-biodegradable plastics duties are also increased to 25%. Meanwhile, the list of exempted capital goods for solar panels, solar cells, and vehicles has been expanded, and leather goods and seafood are set to become more affordable.

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