The News Craving
Srinagar:
Finance Minister Nirmala Sitharaman has announced a substantial reduction in customs duty during the Budget 2024 presentation. The reduction is set to notably decrease the prices of critical items such as cancer drugs and mobile phones across the market.
Under the new measures, three crucial cancer drugs—Trastuzumab deruxtecan, Osimertinib, and Durvalumab—will now be exempt from customs duty. This decision is expected to alleviate the financial burden on patients requiring these life-saving treatments.
Additionally, customs duty on mobile phones and mobile chargers has been slashed to 15%, down from the previous rates, which will likely lead to reduced prices for consumers in the electronics sector.
“The government will exempt three cancer treatment drugs from customs duty. I will also reduce basic customs duty on mobile phones, chargers and other mobile parts,” announced FM Sitharaman during her budget speech.
Beyond healthcare and technology sectors, the budget also addresses reductions in duties on imported gold, silver, leather goods, and seafood. Notably, gold and silver will see a 6% decrease in duties, aiming to boost retail demand in these segments.
Furthermore, customs duties on platinum will be reduced by 6.5%, while a 5% cut applies to seafood products, including shrimps and fish feed, aiming to bolster domestic consumption and production.
Sitharaman proposed tax relief measures, including an increase in the standard deduction limit for individuals under the new tax regime from Rs 50,000 to Rs 75,000. Pensioners will also benefit from an enhanced family pension deduction from Rs 15,000 to Rs 25,000.
These initiatives are part of a comprehensive fiscal strategy outlined in the budget estimates for 2024-2025, projecting total receipts (other than borrowings) at Rs 32.07 lakh crore and total expenditure at Rs 48.21 lakh crore. Net tax receipts are estimated at Rs 25.83 lakh crore, with a fiscal deficit target set at 4.9% of the GDP.
