As the customs duty on cell phones will be reduced by up to 15 percent, their prices will come down.
Presenting the Central Budget, Finance Minister Nirmala Sitharaman announced a reduction in customs duty on gold, silver and mobile phone parts.
Accordingly, he announced that the customs duty on gold and silver imports would be reduced from 15 percent to 6 percent. Similarly, the customs duty on platinum has been reduced to 6.4 percent and the duty on mobile phone spare parts and chargers has been reduced from 18 percent to 15 percent.
Apart from this, 25 types of minerals have been exempted from customs duty on import. Finance Minister Nirmala Sitharaman announced during the budget speech that the excise duty on 3 types of cancer drugs and medical equipment will be completely removed.
