UNION BUDGET 2024: CUSTOMS DUTY ON GOLD & SILVER SLASHED TO 6%

New Delhi (23/07/2024: In the Union Budget 2024, Finance Minister Nirmala Sitharaman on Tuesday announced notable changes aimed at reducing costs and fostering domestic industries.

Customs duties on gold and silver have been cut to 6%, down from 10%, and platinum duties have been reduced to 6.4%.

This move is designed to enhance domestic value addition and has already led to a significant drop in metal prices.

Additionally, three cancer treatment medicines - Trastujumab deruxtecan, Osimertinib and Durvalumab-will be exempted from basic customs duty, and a major reduction in mobile phone duties is expected to lower retail prices.

The budget also anticipates lower costs for imported leather goods and seafood, benefiting both consumers and industries. Rupees 1.52 lakh crore has been allocated for agricultural sector.