Govt cuts duty on LCD panels by 5%

Govt cuts duty on LCD panels by 5%
PTI
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First Published: Mon, Jul 06 2009. 03 03 PM IST
Updated: Mon, Jul 06 2009. 03 03 PM IST
New Delhi: Prices of thin flat screen televisions and monitors will come down as the government on Monday lowered the basic customs duty on LCD panels used in manufacturing of such electronic goods to 5% from 10%.
“The electronic hardware industry has a strong potential for creating employment especially in the SME sector. I intend to reduce the basic customs duty on LCD panels from 10% to 5% to support indigenous production of LCD televisions,” finance minister Pranab Mukherjee said while presenting the budget 2009-10.
Besides, the government extended the exemption from full 4% CVD on accessories, parts and components, that are imported for making mobile phones, by one year.
“Full exemption from CVD of 4% was available to accessories, parts and components imported for the manufacture of mobile phones till 30 June, 2009. I propose to reintroduce this exemption for another year,” Mukherjee said.
He also announced reducing basic customs duty on permanent magnets — a critical component for Wind Operated Electricity Generators — to 5% from 7.5%.
“It is imperative that the contribution of new and renewable energy sources of power is enhanced if we have to successfully combat the phenomena of global warming and climate change,” Mukherjee said.
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First Published: Mon, Jul 06 2009. 03 03 PM IST