A reduction in the basic customs duty on gold and silver to 6 per cent and platinum to 6.4 per cent has been proposed by Finance Minister Nirmala Sitharaman in Parliament. After her announcement in the Budget session price of Gold is reportedly decreased to Rs-4000/- per 10 gram. It was a long standing demand of Gem and Jewellery Industry.
After Nirmala Sitharaman announcement Silver price also decreased by 4740 like gold. Current custom duty is 15% on Gold and Silver. It is possible that in future Gold and Silver demand can surge.
credit India Today
Union Budget 2024 Key Highlights & Announcements
Key highlights and announcements of the Union Budget presented by Finance Minister Nirmala Sitharaman on Tuesday:
Defence budget fixed at ₹6.21 lakh crore for 2024-25
Govt reduces import duty on mobile phones, chargers, some other components
Allocation to NHAI retained at ₹1.68 lakh crore for FY25
Khelo India gets bulk of Budget provision for sports
Customs duties on gold, silver reduced to 6 per cent in Budget 2024-25
₹5,000 monthly internship stipend for 1 crore youth
FM distributes ₹1.52 lakh cr for agri, related sectors
₹1.48 lakh cr for education, employment, skill
New Tax Regime standard deduction increased to ₹75,000
Surplus 3 Crore houses under PMAY have been announced
