Union Finance Minister Nirmala Sitharaman on Saturday presented her eighth budget, and announced several key announcements, including the much-needed relief for middle class by increasing the income tax limit.
While announcing a new income tax bill next week, she said there will be no income tax on income up to Rs 12 lakh.
Besides, the minister also announced that 36 new life saving drugs will be fully exempted from basic customs duty, giving much-needed relief to cancer and other chronic disease patients.
With new budgetary announcements, several goods and services went cheaper, while some items will burn a bigger hole in the pocket of the middle class.
Below is the list of items that went cheaper and dearer after Union Budget 2025
What will be cheaper:
EV batteries: The government has announced that 35 new goods used in EV battery production have been included in the list of exempted capital goods.
Mobile Phones: As many as 28 new goods for mobile phone battery production have also been included in the list of exempted capital goods.
Medicines: Sitharaman announced that 36 life saving drugs will be fully exempted from Basic Customs Duty. The BCD was also removed on 37 more medicines.
Raw materials: Cobalt products, LED, zinc, lithium-ion battery scrap, and 12 critical minerals will be fully exempted from basic customs duty.
Shipbuilding: The government has extended the exemption on raw materials for manufacturing ships for another 10 years.
Leather products: Wet blue leather was fully exempted from Basic Customs Duty.
Gold, silver & platinum: The government announced customs duty on gold, silver have been reduced to 6 per cent, and platinum to 6.4 per cent.
Solar panels: Customs duty on several items used in manufacturing has been reduced.
What will be dearer:
Interactive flat panel displays: In order to address the inverted duty structure, the government increased the Basic Customs Duty on interactive flat panel to 20 per cent from 10 per cent.
Telecom equipment: Customs duty on telecom equipment hiked from 10 to 15 per cent
Ammonium nitrate: Customs duty hiked from 7.5 per cent to 10 per cent
Plastic and related goods: Plastic products and other related goods are set to get costlier after the government increased customs duty.