Lagatar24 Desk
New Delhi: The Union Budget 2024 has brought significant relief to mobile phone buyers and local manufacturers with a proposed reduction in customs duty on mobile phones and related parts to 15%. This move, announced by Finance Minister Nirmala Sitharaman, is aimed at boosting local manufacturing and making mobile phones more affordable.
Here’s a detailed look at the customs duty revisions announced in Budget 2024:
- Mobile Phones and Parts: Customs duty on mobile phones, related parts, and chargers has been cut to 15%.
- Critical Minerals: Customs duty on 25 critical minerals has been exempted to support local industries.
- Aquaculture: Customs duty on certain brood stock, shrimp, and fish feed has been reduced to 5%.
- Textile Industry: Customs duty on real down-filling material from duck or goose has been cut to support the textile industry.
- Spandex Yarn: The duty for manufacturing spandex yarn has been reduced to 5% from 7.5%.
- Leather Industry: The export duty structure on raw hides, skin, and leather will be simplified.
- Precious Metals: Customs duty on gold and silver has been reduced to 6%, and on platinum to 6.4%.
- Nickel and Copper: There will be no customs duty on ferro nickel and blister copper.
- Electronics Manufacturing: No customs duty on oxygen-free copper used in the manufacture of resistors.
- Chemicals: Customs duty on ammonium nitrate has been raised to 10% from 7.5%.
- PVC Flex Banners: The duty on PVC flex banners has been increased to 25% from 10%.
- Telecom Equipment: Customs duty on some telecom equipment has been raised to 15% from 10%.
