The Union Budget 2023–24 was presented in Parliament yesterday by Smt. Nirmala Sitharaman, the Union Minister of Finance and Corporate Affairs. The following are the Budget’s key points: The Union Budget 2023–24 was presented in Parliament today by Smt. Nirmala Sitharaman, the Union Minister of Finance and Corporate Affairs.
Basic Duty change on below narrated goods are announced in the Union Budget for 23-24.
Duty Hike
- The Basic Customs Duty (BCD) both Silver Dore and semi-manufactured items will be increased to 10 %.
- Encouraging manufacture of electric kitchen chimneys to 15%.
- For bicycles BCD increased to 35%
- For toys, other than parts of electronic toys, BCD is hiked to 70%
- On naphtha BCD has been increased from 1% to 2.5%
- BCD on Styrene and Vinyl Chloride is increased from 2% to 2.5%.
Duty Drop
- Reduction of Basic Customs Duty (BCD) on Mobile camera lens and parts in manufacture of mobile phones to NIL.
- To promote value addition in manufacture of TVs, Basic Duty on parts of open cells of TV to 2.5% from 5%.
- Reduced BCD on key inputs for domestic manufacture of shrimp feed.
- Heat coils for the appliance is reduced to 15%.
