With reduction in custom duty on cancer drug and mobile phones, their prices are estimated to contract considerably. The three drugs to see reduction on custom duty are Trastuzumab deruxtecan, Osimertinib and Durvalumab.
There has also been reduction of 15 percent on the custom duty of mobile phones and mobile chargers.
“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,” FM Sitharaman said presenting the Budget 2024.
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.
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FM Sitharaman also suggested a 5% fall in seafood tariffs, which covers shrimp 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, during her speech while presenting Budget, said that the reduction will benefit about four crore salaried individuals and pensioners.
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