The announcement by Finance Minister Nirmala Sitharaman of a significant customs duty reduction on cancer medications and cell phones is expected to result in a significant decrease in their market pricing. Osimertinib, Durvalumab, and Trastuzumab Deruxtecan are the three cancer medications.
Additionally, the Finance Minister declared that customs duties on cell phones and cell chargers will be lowered to 15%.
The government would waive customs duties on three medications used to treat cancer. In addition, I will lower the basic customs duty on cell phones, chargers, and other mobile components, said FM Sitharaman during the Budget 2024 presentation.
Seafood, leather items, imported gold and silver, mobile phones, and other things are expected to decrease in price.
The retail demand will be greatly boosted by the 6% cut in duties on gold and silver.
FM Sitharaman also suggested a 5% fall in seafood tariffs, which includes prawns and fish feed, and a 6.5% reduction in customs duties on platinum.
The Finance Minister offered tax benefits for more than 4 crore salaried people.
The normal deduction limit for individuals subject to the new tax regime has been raised from Rs 50,000 to Rs 75,000, and the deduction for pensioners’ family benefit has been increased from Rs 15,000 to Rs 25,000.
The Finance Minister stated that around four crore salaried people and pensioners will benefit from this.
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