Finance Minister Nirmala Sitharaman on Wednesday announced the reduction of customs duties on the import of certain input materials for mobile phone production.
In her Budget 2023-24 In her speech, she said that India’s mobile phone production has increased from 5.8 million units in 2014-2015 to 31,000 units in the last financial year.
Her announcement comes at a time when India is actively positioning itself as an electronic powerhouse in the world, as global players seek a China plus 1 strategy.
In fact, India has emerged as the world’s second largest mobile phone manufacturer supported by the Center’s supportive policies, various incentive schemes and determination to provide the industry with a competitive environment.
Sitharaman also announced that the customs duty on the parts of the openings of the TV panel will be reduced to 2.5%, while the customs duty on the kitchen electric chimney has been increased from 7.5% to 15%.
However, she said the government will continue to apply a preferential basic customs duty rate of 2.5% on copper scrap.
The finance minister also announced an increase in basic customs duties on items made from gold bars while raising the tobacco tax to 16%.
She said the government will also reduce customs duties on shrimp feed to boost exports.
Furthermore, she said the government proposes to increase the limit on flat tax for MSMEs and certain professionals to Rs 3 crore and Rs 75 lakh, respectively.