<h1>Finance Minister's Union Budget 2023-24: Custom Duty Cuts, EV Support, GST Law Changes to Boost Manufacturing.</h1> The Union Budget 2023-24, presented by the Finance Minister, announced a reduction in basic customs duty rates on non-textile and non-agricultural goods from 21 to 13, aiming to simplify the tax structure and promote domestic manufacturing. Key measures include customs duty exemptions for importing machinery for lithium-ion cell production for electric vehicles, reduced duties on certain IT electronics components, and changes in duty structures for electric kitchen chimneys. The budget also proposed increased duties on specific precious metals and cigarettes, and legislative changes to GST laws to raise prosecution thresholds and decriminalize certain offenses.