Budget 2023: Govt to offer customs duty exemptions on handset parts
1 min read . Updated: 01 Feb 2023, 12:29 PM IST
PremiumIn the next financial year, the government will exempt import of certain parts required in mobile phone and television manufacturing from custom duties, said Finance Minister Nirmala Sitharaman
To give impetus to mobile phone production unit in the country, the central government will exempt customs duty on imports of certain parts and inputs in mobile manufacturing like camera lens, said Finance Minister Nirmala Sitharaman in her Budget 2023 speech.
She also added that the government will also continue concessional duties on lithium ions cells for battery for one more year.
Finance Minister, Nirmala Sitharaman said , "The result of the various initiatives of the government, including phased manufacturing programs mobile production in India increased from 5.8 crore units valued at ₹18,900 crore in 2014-15 to 31 crore units valued at ₹2,75,000 crore in last financial year.
In addition to reduction of custom duties on handset parts for production, the government will also boost television production in the country by reducing basic custom duties on parts of open cells of TV panels to 2.5%. The basic custom duty on electric kitchen chimney is ramped up from 7.5% to 15%.
