Budget 2024: Basic Customs Duty On Mobile Phones, Mobile Chargers Reduced (Photo Pixabay)

The Union Budget presented today has reduced basic customs duty on mobile phones and mobile chargers to 15 percentage. The revision would also be made in other tax structures including the GST. The minister said that the government would try to further rationalise Goods And Service Tax (GST) structure, noting that it would exempt customs duty on 25 other critical minerals.

The Finance Minister has also announced a comprehensive review of the Income Tax Act 1961. “This will reduce disputes and litigation. It is proposed to be completed in 6 months,” the minister added, referring to the review of the tax.

Read Also: Social Schemes’ Allocations In Modi 3.0 Union Budget

Notably, the government has also reduced duties on gold, silver and platinum. On gold and silver, it reduced to 6 percentage and on platinum, it reduced duties to 6 percentage.

Read Also: Budget 2024: 2 Lakh Crore Allocation To Employ 4.1 Crore Youth Over The Next 5 Years