Union Budget 2025: Key Changes in Customs Duties and Their Impact
| Summary/Static | Details |
|---|---|
| Why in the news? | Budget 2025: Changes in customs duties impacting various sectors. |
| Item/Category | Change |
| Cancer Medicines | 36 life-saving drugs fully exempted from Basic Customs Duty (BCD). |
| Chronic Disease Medicines | Exempted from Basic Customs Duty. |
| Electronic Goods | BCD on open cells and components reduced to 5%. |
| Minerals | Exemption from BCD on cobalt powder, lithium-ion battery waste, lead, zinc, and 12 other critical minerals. |
| EV Battery Manufacturing | 35 goods for EV battery manufacturing exempted from BCD. |
| Mobile Phone Battery Manufacturing | 28 goods exempted from BCD. |
| Leather Goods | Wet blue leather fully exempted from BCD. |
| Surimi | BCD on frozen fish paste reduced from 30% to 5%. |
| Handicrafts | Extended export time period and added 9 items to the duty-free list. |
| Fabrics | Two types of shuttle-less looms added to the list of exempted textile machinery. |
| Interactive Flat Panel Displays | Customs duty increased from 10% to 20%. |
| Provisional Assessment | Two-year time limit introduced for faster and transparent customs clearance. |
| Tariff Rates | Seven tariff rates eliminated, simplifying the customs tariff system. |
| Social Welfare Surcharge | Exemption on 82 tariff lines subject to a cess. |