Union Budget 2024-25 Live updates: Finance Minister Nirmala Sitharaman on Tuesday proposed a reduction in the basic customs duty on gold and silver to 6 per cent and platinum to 6.4 per cent. Presenting Budget for 2024-25, she also announced the removal of basic customs duty on ferronickel, blister copper and increasing it from10 %to15 %on specified telecom equipment. The reduction in basic customs duty on of gold, silver and platinum has been a long-pending demand of the gems and jewellery industry. In this regard however government announced that to make it easy for reading they would go for a comprehensive review of income tax act . The finance minister also mentioned that standard operating procedures (SoP) will be proposed by the government for defaults on TDS as well as simplifying /rationalizing compounding thereof She added that there will be one tax exemption regime for charitable trusts as two existing ones will merge into one.