In her finances speech in the present day, Finance Minister Nirmala Sitharaman introduced to scale back customs obligation on import of sure inputs for cell phone manufacturing. The choice is aimed to spice up smartphone manufacturing within the nation.
“To additional deepen home worth addition in manufacture of cell phones, I suggest to offer reduction in customs obligation on import of sure components and inputs like digicam lens and proceed the concessional obligation on lithium-ion cells for batteries for an additional 12 months,” Sitharaman mentioned.
Presenting the final full budget of PM Narendra Modi-led authorities, the minister mentioned that the cell phone output rose from 5.8 crore models in 2014-15 to 31 crore models final fiscal. She additionally introduced to increase the customized obligation exemption on lithium-ion batteries for a 12 months.
The finance minister additionally decreased the customs obligation on components of open cells of TV panels. It has been decreased to 2.5 per cent. Whereas the customs obligation on kitchen electrical chimney has been elevated to fifteen laptop from 7.5 laptop.
“To rectify inversion of obligation construction and encourage manufacturing of electrical kitchen chimneys, the essential customs obligation on electrical kitchen chimney is being elevated from 7.5 per cent to fifteen per cent and that on warmth coils for these is proposed to be decreased from 20 per cent to fifteen per cent,” the minister mentioned in her speech.
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Supply: Live Mint