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Nagpur: The recent Union Budget has brought significant changes, including a reduction in customs duty on gold, resulting in a price drop of ₹3,000 to ₹5,000. This has made gold more accessible in the market.
Finance Minister Nirmala Sitharaman presented the first budget of the current NDA government led by Prime Minister Narendra Modi. Among the new measures is a plan to help youth secure jobs and substantial allocations for infrastructure development. However, the most notable decision from today’s budget is the reduction of customs duty on gold and silver. Consequently, prices for gold have decreased significantly, and mobile phones and chargers have also become cheaper. This reduction offers significant relief to those looking to purchase mobile phones.
The central government has reduced the customs duty on mobile chargers from 20% to 15%, leading to a 5% reduction in costs for consumers. In practical terms, this translates to a 5% discount on mobile purchases for Indian consumers.
The reduced customs duty on gold has decreased gold prices by ₹3,000 to ₹5,000, leading to increased market activity for gold purchases. Similarly, the reduction in mobile and charger prices is a boon for consumers. The 5% discount means if you previously purchased a smartphone for ₹20,000, which included a 20% customs duty (an additional ₹4,000), you paid ₹24,000 in total.
Now, with the government’s 5% customs duty reduction, a ₹20,000 smartphone will only incur a 15% customs duty. This equates to ₹3,000 in customs duty, making the total cost ₹23,000. This results in a savings of ₹1,000 for a ₹20,000 smartphone. For a ₹10,000 phone, you save ₹500.
The same 5% savings applies to chargers. For example, if a charger costs ₹1,000, with a 15% customs duty, the total price would be ₹1,150. Previously, it would have been ₹1,200 with the higher duty, meaning you save ₹50 on every ₹1,000.
