In a move that brings good news for mobile phone buyers, the Union Budget 2024 announced a reduction in basic customs duty (BCD) on mobile phones and chargers to 15%. Previously, the BCD on electronic items like mobile phones and mobile printed circuit board assemblies (PCBA) was 20%.
Big Savings Ahead Government Slashes Custom Duty
Union Finance Minister Nirmala Sitharaman highlighted this change while presenting the Union Budget 2024-25 in Parliament. She stated, “With a three-fold increase in domestic production and almost a 100-fold jump in exports of mobile phones in the last six years, the Indian mobile industry has matured. In the interest of consumers, I now propose to reduce the basic customs duty (BCD) on mobile phones, mobile PCBA, and mobile chargers to 15%.”
Additionally, the government has exempted customs duty on 25 critical minerals, including lithium, copper, cobalt, and rare-earth minerals, which are essential for producing high-tech electronics and telecom gear. This exemption aims to bolster the domestic electronics industry.
OXYGEN, Big Savings Ahead Government Slashes Custom Duty
Sitharaman also proposed the removal of BCD on oxygen-free copper, used in manufacturing resistors, and exempted certain parts required to manufacture connectors. The removal of basic customs duty on ferronickel and blister copper was also announced, while the duty on specified telecom equipment was increased to 15% from 10%.
The reduction in customs duty on gold, silver, and platinum, a long-standing demand of the gems and jewellery industry, was also addressed. Furthermore, the basic customs duty on certain brood stocks, shrimp, and fish feed has been reduced to 5%.
On the other hand, the government will raise the customs duty on ammonium nitrate to 10% and on non-biodegradable plastics to 25%.
These changes reflect the government’s commitment to supporting various industries while making essential goods more affordable for consumers.
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