Finance Minister Nirmala Sitharaman on Tuesday proposed a reduction in the basic customs duty on gold and silver to 6 per cent and platinum to 6.4 per cent.
Presenting Budget 2024-25, she announced the removal of basic customs duty on ferronickel, blister copper, while increasing it to 15 per cent from 10 per cent on specified telecom equipment.
The reduction in basic customs duty on gold, silver and platinum has been a long-pending demand of the gems and jewellery industry.
Sitharaman also proposed reduction in basic customs duty on certain brood stocks, shrimps and fish feed to 5 per cent.
On the other hand, she said the government will raise customs duty on ammonium nitrate to 10 per cent and to 25 per cent on non-biodegradable plastics.
She also said e-commerce export hubs will be set up in public-private partnership (PPP) mode to enable MSMEs sell their products.
Traditional artisans will sell products in international markets, she said.
She also proposed expanding the list of exempted capital goods used in the manufacture of solar cells and panels.