Finance Minister Nirmala Sitharaman has announced significant reductions in customs duties on cancer drugs and mobile phones, which is expected to notably lower their market prices. The cancer drugs benefiting from this exemption are Trastuzumab deruxtecan, Osimertinib, and Durvalumab.
In her presentation of the Budget 2024, Sitharaman also revealed a reduction of customs duty on mobile phones and mobile chargers to 15 percent. “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,” she stated.
Other items set to become more affordable include mobile phones, imported gold, silver, leather goods, and seafood. The reduction in duties on gold and silver by 6 percent is anticipated to significantly boost retail demand.
Additionally, Sitharaman proposed a 6.5 percent reduction in customs duties on platinum and a 5 percent cut on seafood, including shrimps and fish feed.
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For the salaried class, the Finance Minister introduced tax benefits for over 4 crore salaried individuals. Under the new tax regime, the standard deduction limit has been increased from Rs 50,000 to Rs 75,000, and the deduction on family pensions for pensioners has been raised from Rs 15,000 to Rs 25,000.
This will provide relief to about four crore salaried individuals and pensioners, according to the Finance Minister.