Budget 2024: Gold and Silver to become cheaper? What Sitharaman announced

New Delhi: Finance Minister Nirmala Sitharaman presented Budget 2024 on Tuesday. This was her 7th budget. In her speech, she said that Budget is focused on supporting the poor, women, youth, and farmers. Apart from this, she announced raising the standard deduction to Rs 75,000 from Rs 50,000 and increasing the tax deduction on family pension for pensioners to Rs 25,000 from Rs 15,000. Sitharaman also proposed reducing the basic customs duty on gold and silver to 6 per cent, and on platinum to 6.4 per cent. These changes aim to benefit different sections of society. Let’s take a look at these updates closely.

Tax Relief in New Tax Regime

The government has announced income tax relief for about four crore salaried individuals and pensioners. Salaried employees can now save up to Rs 17,500 on income tax under the new tax rules. The standard deduction for salaried employees will be raised from Rs 50,000 to Rs 75,000. Additionally, the government plans to increase the tax deduction on family pension for pensioners from Rs 15,000 to Rs 25,000.

Changes in customs duties

Finance Minister Nirmala Sitharaman announced changes in customs duties in Budget 2024-25:

Reduction in Duties

The government has decided to lower the basic customs duty on gold and silver to 6 per cent, and on platinum to 6.4 per cent. Additionally, they have removed the duty on ferronickel and blister copper.

Increase in Duties

The customs duty on certain telecom equipment has been raised from 10 per cent to 15 per cent. Moreover, the duty on ammonium nitrate has been increased to 10 per cent, and on non-biodegradable plastics, it has been raised to 25 per cent.

These changes were made because industries like gems and jewellery asked for them. Also, Sitharaman suggested:

Lowering the customs duty to 5 per cent on certain items like brood stocks, shrimps, and fish feed.
Creating e-commerce export hubs with private-public partnerships to help small businesses sell things abroad.
Helping traditional artists sell their products in other countries.
Adding more manufacturing equipment for solar cells and panels that won’t have taxes.

 Budget 2024 Announcements: The government has decided to lower the basic customs duty on gold and silver to 6 per cent, and on platinum to 6.4 per cent.  Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today