Big Announcement

Import duties abolished on 35 EV battery-making items and 28 mobile battery components, announced by Finance Minister Nirmala Sitharaman in Budget 2025

Why It Matters

Goal: Boost domestic manufacturing, cut production costs, promote exports, and provide relief to consumers through Customs tariff rationalisation.

Goal:

Boost domestic manufacturing, cut production costs, promote exports, and provide relief to consumers through Customs tariff rationalisation.

Key Benefits

– Lower production costs for EV and mobile industries – Increased export competitiveness – Support for “Make in India” and clean energy initiatives

– Increased export competitiveness

– Support for “Make in India” and clean energy initiatives

Other Major Highlights

– Digital Tax Removed: 6% Equalisation Levy on online ads abolished

– Nudge Campaign: ₹29,208 crore foreign assets voluntarily disclosed

New Income Tax Law: Coming soon, replacing 1961 Act

Impact on Common People

– No tax for salaried individuals earning up to ₹12.75 lakh/year

– Pension parity restored for pre- and post-7th Pay Commission retirees

– Major relief and cost benefits expected across sectors