Budget 2023: government cuts customs duties on mobile phone parts and TVs
Finance Minister Nirmala Sitharaman on Wednesday announced a reduction in customs duties on imports of certain materials for the production of mobile phones.
In her 2023-24 budget speech, she said India’s mobile phone production rose from 5.8 crore units in 2014-2015 to 31 crore units in the last fiscal year.
Her announcement comes at a time when India is actively positioning itself as a powerhouse for the world as global players seek a China Plus 1 strategy.
In fact, India has become the world’s second largest mobile phone manufacturer thanks to the Centre’s stimulus policies, various incentive schemes and the determination to provide the industry with a competitive environment.
Sitharaman also announced that the customs duty on parts of the open cells of TV panels will be reduced to 2.5%, and the customs duty on kitchen electric chimneys will be increased from 7.5% to 15%.
However, she said the government would continue to introduce a 2.5% preferential base customs duty on scrap copper.
The finance minister also announced an increase in the base customs duty on gold bar products and a 16 percent tax increase on cigarettes.
The government will also cut customs duties on shrimp feed to boost exports, she said.
In addition, she said that the government is proposing to increase the estimated tax cap for MSMEs and some professionals to Rs 3 crore and Rs 75 lakh respectively.