In another significant move to lower prices and increase accessibility in many important sectors, the Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, announced significant steps while presenting the Budget for the year 2024. Under such a backdrop, she made a big announcement regarding slashing customs duty for a few vital cancer drugs like that of Trastuzumab deruxtecan, Osimertinib, and Durvalumab. The step could bring these lifesaving medicines under the economic reach and easy accessibility of the patients.
In addition to the cancer drugs, he also announced relief in reducing customs duty on mobile chargers to 15%. This move is aimed at lowering the cost of mobile appliances and accessories to the consumer.
She also said that the other products are likely to become cheaper, including imported gold and silver, leather goods, and seafood. The customs duty on gold and silver is expected to reduce retail demand due to a 6% cut.
The Finance Minister further proposed a 6.5% slash in customs duties on platinum and a 5% cut on seafood products such as shrimps and feed for fish. This is motivated by the need to make industries competitive and more affordable to consumers.
So, some of the tax concessions announced by the minister would benefit over 4 crore people in the salaried class. Under this regime, there are raised standard deductions from Rs 50,000 to Rs 75,000, offering alleviation for most taxpayers. It includes moving the deduction under family pension for the pensioners from Rs 15,000 to Rs 25,000.
Such measures indicate a government that is committed to ensuring affordability, supporting key sectors, and providing relief to the people paying taxes and pensioners.
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