Budget 2024: Government cuts customs duty on gold, silver, and others

Budget 2024: Finance Minister Nirmala Sitharaman on Tuesday proposed reduction in basic customs duty on gold and silver to 6 per cent and platinum to 6.4 per cent. In her budget speech in Lok Sabha, she also proposed reduction of basic customs duty on mobile phones, mobile charger to 15 per cent.

She also made a provision for exemption of customs duty on 25 critical minerals.

The minister announced removal of basic customs duty on ferronickel, blister copper, while increasing the same to 15 per cent from 10 per cent on specified telecom equipment.

The reduction in basic customs duty of gold, silver and platinum has been a long pending demand of the gems and jewellery industry.

Sitharaman also proposed reduction in basic customs duty on certain brood stocks, shrimps and fish feed to 5 per cent.

On the other hand, she said the government will raise customs duty on ammonium nitrate to 10 per cent and 25 per cent on non-biodegradable plastics.

She also said e-commerce export hubs will be set up in PPP (public private partnership) mode to enable MSMEs sell their products.

Traditional artisans will sell products in international markets, she said.

She also proposed expanding the list of exempted capital goods used in manufacturing of solar cells and panels.