Union Minister Nirmala Sitharaman unveiled the Union Budget 2024-25 in the Lok Sabha, introducing a significant change of no income tax for individuals earning up to Rs 3 lakh annually in the new tax system. Additionally, adjustments to reduce GST on specific items were proposed, impacting household expenses.
Noteworthy changes in Budget 2024-25 affecting household expenditures include:
1) Certain telecom equipment: Customs duty on specific telecom equipment to be raised from 10% to 15%.
2) Plastic products: Increase in customs duty proposed for plastic products to address environmental concerns.
1) Three cancer medicines: Exempted from basic customs duty.
2) Mobile phones, mobile accessories: Duty reduced to 15%, boosting India’s export competitiveness in the industry.
3) 25 critical minerals: Exemption from customs duties.
4) Exemption of BCD for ferro nickel and blister copper.
5) Proposal to expand list of exempted capital goods for manufacturing solar panels.
Published on 23 July 2024, 08:16 IST
In a groundbreaking move, Union Minister Nirmala Sitharaman revealed the Union Budget 2024-25, offering no income tax for individuals with earnings below Rs 3 lakh annually. The budget also included adjustments to reduce GST on specific items to alleviate household expenses.
Key highlights affecting household expenses are:
1) Increased customs duty on specific telecom equipment.
2) Hike in customs duty for plastic products to address environmental concerns.
3) Exemption of basic customs duty on three cancer medicines.
4) Reduced duty to 15% on mobile phones and accessories to enhance India’s export competitiveness.
5) Exemption from customs duties for 25 critical minerals.
6) Waiver of BCD for ferro nickel and blister copper.
7) Proposal to expand the list of exempted capital goods for manufacturing solar panels.
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