On July 23, the Union Budget for 2024-25 was presented in the Lok Sabha by Finance Minister Nirmala Sitharaman.

Here are major announcements in respect of the Customs Duty proposals:

1. Medicines For Cancer Patients

The Customs duty on three more medicines namely Trastuzumab Deruxtecan, Osimertinib, Durvalumab is proposed to be fully removed, to provide relief to cancer patients. Till today the 10% custom duty is charged.

2. Mobile Phone, mobile PCBA and Mobile Charger

The Basic customs duty on mobile phone, Printed Circuit Board Assembly (PCBA) of cellular mobile phone and mobile charger to be reduced from 20% to 15%.

3. Customs Duty Reduction On 25 Minerals

The 25 critical minerals to be exempted from customs duties & basic customs duty on two of them namely Natural Graphite and Quartz (other than natural sands); quartzite, whether or not roughly trimmed or merely cut, by sawing or otherwise, into blocks or slabs of a rectangular (including square) shape to be reduced from 5% to 2.5%.

4. Solar Cells & Panels

The list of exempted capital goods for use in the manufacture of solar cells & panels in the country to be expanded.

5. Oxygen Free Copper

The Customs duty proposed to be removed on oxygen free copper for manufacture of resistors & certain parts for manufacture of connectors to be exempted.

6. Broodstock, Polychaete Worms, Shrimp & Fish Feed

The Basic Customs Duty to be reduced from 15% to 5% on certain broodstock, polychaete worms, shrimp & fish feed.

7. Export Of textile or leather garments

The basic customs duty is reduced from 30% to 10% on real down filling material duck or goose for use in the manufacture of textile or leather garments for export.

8. Methylene Diphenyl Diisocyanate

The basic customs duty is reduced from 7.5% to 5% on Methylene Diphenyl Di-isocyanate (MDI) for use in the manufacture of Spandex Yarn subject to Import of Goods at Concessional Rate of Duty (IGCR) conditions.

9. Gold, Silver And Platinum

The customs duties on gold and silver to be reduced to 6% & on platinum to 6.4%.