Gadgets and electronics that may get cheaper and expensive starting April 1 – Times of India
The Union Budget 2023 presented by the Finance Minister Nirmala Sitharaman on February 1 had a strong Made in India focus. The government reduced duties on certain electronic parts that are manufactured in India. The government also proposed to reduce customs duty on the import of certain inputs for mobile phone manufacturing. Customs duty on parts of open cells of TV panels have also been cut to 2.5%. These may help in slight fall in prices of manufacturing of these devices. It remains to be seen if the benefits of these price cuts are actually passed on to the consumers.
For gadgets like smartphones, laptops and DSLRs; the duty cut is applicable only on import of certain inputs. The aim is to boost their manufacturing in India under the PLI scheme announced by the government. “To encourage India’s mobile handset manufacturing business, customs exemption has been extended to camera lens and other items and reduction on lithium-ion cells for another year. Customs duty on machinery required for manufacturing lithium-ion cells used in electric vehicles shall be exempted. It was also mentioned that the customs slabs shall be reduced from 21 to 13 percent,” said Saloni Roy, Partner, Deloitte India, after the Budget announcement.
What may get cheaper starting April 1
Camera lenses for phones, laptops, and DSLRsDuty cut on the import of certain inputs for mobile phone manufacturing.
Customs duty on parts of open cells of TV panels has been cut to 2.5% to encourage domestic manufacturing of televisions.
Customs duty on machinery required for manufacturing lithium-ion cells used in smartphones and electric vehicles shall be exempted.
For gadgets like smartphones, laptops and DSLRs; the duty cut is applicable only on import of certain inputs. The aim is to boost their manufacturing in India under the PLI scheme announced by the government. “To encourage India’s mobile handset manufacturing business, customs exemption has been extended to camera lens and other items and reduction on lithium-ion cells for another year. Customs duty on machinery required for manufacturing lithium-ion cells used in electric vehicles shall be exempted. It was also mentioned that the customs slabs shall be reduced from 21 to 13 percent,” said Saloni Roy, Partner, Deloitte India, after the Budget announcement.
What may get cheaper starting April 1
Camera lenses for phones, laptops, and DSLRsDuty cut on the import of certain inputs for mobile phone manufacturing.
Customs duty on parts of open cells of TV panels has been cut to 2.5% to encourage domestic manufacturing of televisions.
Customs duty on machinery required for manufacturing lithium-ion cells used in smartphones and electric vehicles shall be exempted.
- Seeds used in the manufacture of diamonds
Basic customs duty on seeds used in the manufacturing of lab-grown diamonds (LGDs) to be cut and brought down to 0.
- Certain toys and bicycles
Small changes have been announced in the basic customs duties, cesses and surcharges on certain consumables imported, such as toys, bicycles, automobiles and naphtha.
No price cuts announced so far
The industry so far has not announced any price cuts. No consumer electronics or smartphone brand has announced a price cut on any of these products so far post April 1. So it remains to be seen how much prices will go down of these devices, if they do see a fall.
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