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Indian Union Budget's indirect tax reforms, including GST success, rationalised customs duties, and sector-specific initiatives for medical, mobile phones, minerals, solar, marine products, precious metals, and telecom to boost economic growth and simplify trade processes.
The Goods and Services Tax (GST) has proven to be a successful reform, significantly enhancing state government revenues while reducing the tax burden and complications for the general populace.
The government has taken steps to lower customs duties in the past, and a comprehensive review is now proposed to further rationalise and simplify these duties.
To provide relief to cancer patients, the budget proposes a full exemption from customs duties for three additional medicines. Additionally, lower duties under phased manufacturing programmes for medical equipment, such as special X-rays, will further support the healthcare sector by reducing costs and encouraging domestic manufacturing.
The mobile phone industry has seen a remarkable transformation, with production tripling and exports increasing almost 100-fold in the past six years. To sustain this growth, the budget proposes reducing the Basic Customs Duty (BCD) on mobile phones and chargers to 15%. This reduction will lower production costs, making Indian-made mobile phones more competitive in the global market.
Rare minerals are critical for sectors like space, defence, and electronics. Recognising their importance, the budget proposes a full exemption from customs duties on 25 critical minerals.
Given India's significant emphasis on renewable energy, the budget plans to expand the list of exempted capital goods involved in the manufacturing of solar panels and associated components. This measure will support the solar industry by lowering the cost of production, promoting the use of clean energy, and contributing to environmental sustainability.
India's seafood export industry achieved a record high of ₹60,000 crore, driven largely by marine products like shrimp. To maintain this momentum, the budget proposes exempting duties on the manufacturing and rearing of shrimp and shrimp feed.
To make precious metals more accessible, the budget proposes reducing the customs duty to 6% on gold and silver and 6.4% for platinum. This reduction will lower the cost of these metals, benefiting consumers and the jewellery industry.
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