Budget 2024: Customs duty cut to make mobile phones cheaper
The government has proposed to reduce customs duty on mobile phones and its components to 15%, which is seen as a move to boost local manufacturing.
Take a look at the customs duty revisions announced by Finance Minister Nirmala Sitharaman in the Union Budget 2024:
Customs duty on mobile phones, components, chargers reduced to 15%.
Customs duty exempted on 25 critical minerals.
Customs duty on certain brood stock, shrimp, fish feed reduced to 5%.
Customs duty on genuine down-filling material obtained from duck or goose reduced.
Customs duty for manufacture of spandex yarn reduced from 7.5% to 5%.
A simplified export duty structure will apply to raw hides, skins, and leather.
Customs fees will be lowered to 6.4% for platinum and to 6% for silver and gold.
Blister copper and ferro nickel are free from customs duties.
There is no customs charge on oxygen-free copper used to make resistors.
Customs duty on ammonium nitrate increased from 7.5% to 10%.
Customs duty on PVC flex banners increased from 10% to 25%.
Customs duty on certain telecom equipment increased from 10% to 15%.
