India has lowered the import taxes on components used in Smartphones manufacturing. There will now be a 10% fee instead of 15%. The purpose of this action is to boost exports and enhance India’s economic standing. The import duties on battery covers, primary lenses, back covers, plastic, and other metal items have also been lowered by the government. These will all now be available for a 10% fee.
Apple will profit
It was reported in the news a few days ago, on January 11, that the government is considering lowering the import charge on the materials needed to manufacture high-end mobile phones. Two government officials were quoted in this news article. This implies that taxes will be lower on necessities used to produce expensive Smartphones.
It’s simple to compete with Chinese businesses
The study claims that phone manufacturers believe that producing handsets in India comes at a very high cost. She wants taxes lowered by the government, and she believes that taxes should be lowered on twelve different items. This will allow us to make more money by lowering the cost of manufacturing phones. Additionally, it will be simpler to take on Vietnamese and Chinese businesses.
To encourage
the manufacture of high-end mobile phones in India, Finance Minister Nirmala Sitharaman eliminated a 2.5 percent customs levy on mobile camera phone components in the Budget for FY 2023–2024.
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