New Delhi:Finance Minister Nirmala Sitharaman on Tuesday proposed a reduction in basic customs duty on gold and silver to 6 per cent and platinum to 6.4 per cent.
Presenting the Budget for 2024-25, she also announced the removal of basic customs duty on ferronickel, and blister copper, while increasing the same to 15 per cent from 10 per cent on specified telecom equipment. The reduction in basic customs duty of gold, silver and platinum has been a long pending demand of the gems and jewellery industry.
Sitharaman also proposed a reduction in basic customs duty on certain brood stocks, shrimps and fish feed to 5 per cent. On the other hand, she said the government will raise customs duty on ammonium nitrate to 10 per cent and 25 per cent on non-biodegradable plastics. She also said e-commerce export hubs will be set up in PPP (public-private partnership) mode to enable MSMEs to sell their products. Traditional artisans will sell products in international markets, she said. She also proposed expanding the list of exempted capital goods used in the manufacturing of solar cells and panels.
The move is expected to give relief to Indians, who usually buy gold and silver for several occasions including festivals and marriages. Several businessmen welcomed the move by the Centre.
