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Mobile Phones, Electronics To Become Cheaper As FM Announces Major Reduction in Basic Customs Duty

In a significant move aimed at giving a leg up to the domestic electronics industry, Union Finance Minister Nirmala Sitharaman announced a major reduction in customs duty for several key electronic items in the Union Budget 2024-25 on Tuesday. The basic customs duty on mobile phones, mobile printed circuit board assembly, and mobile chargers has been reduced from 20% to …

Finance Minister Nirmala Sitharaman on July 23 announced to fully exempt 25 critical minerals from custom duties, and reduce basic custom duties on two of them. These critical minerals include antimony, beryllium, bismuth, cobalt, copper, gallium, germanium, hafnium, indium, lithium, molybdenum, niobium, nickel, potash, rare earth elements, rhenium, strontium, tantalum, tellurium, tin, tungsten, vanadium, zirconium, selenium, cadmium, and silicon. On …

Union Budget 2024: Finance Minister Nirmala Sitharaman presented the Union Budget for 2024 on Tuesday, with a focus on affordability and economic inclusivity. Basic customs duties on precious metals such as gold and silver have been reduced to 6 per cent, while the duty on platinum has been adjusted to 6.5 per cent. In addition, customs duties on precious metals …

Mobile Phones to get cheaper, as FM Nirmala Sitharaman reduces basic customs duty to 15%

New Delhi: Finance Minister Nirmala Sitharaman announced a reduction of 15 per cent in the Basic Customs Duty on mobile phones while presenting the Union Budget for the fiscal year 2024-25 in Parliament on Tuesday. Along with mobile phones, the BCD on mobile Printed Circuit Board Assembly, and mobile chargers will be lowered to 15 per cent. In the interest …

Basic Customs Duty

NEW DELHI: In a bid to provide relief to solar power projects stuck amid a shortage of modules, the Centre has extended the deadline for completion of projects for which bids were finalized before the announcement of the basic customs duty on modules. On 9 March, 2021, the Centre announced that from 1 April, 2022 imported solar PV modules would …

Hike In GST Rate On Renewable Energy Devices, Imposition of Basic Customs Duty On Cells To Be Treated As Change In Law: MNRE

The Ministry of New & Renewable Energy has issued a circular stating that the increase in the rate of GST on renewable energy devices and the imposition of Basic Customs Duty on cells and modules would be treated as changes in the law.BCD at the rate of 25% has been imposed on imports of solar PV cells and BCD at …

New Delhi, Aug 19: Import of mobile phone display assembly, which are fitted with items like speakers, SIM tray and power key, will attract a 15 per cent basic customs duty, the Central Board of Indirect Taxes and Customs has said. Currently, display assembly of mobile phones attracts 10 per cent customs duty, and nil duty on imports of inputs …

The Central Board of Indirect Taxes and Customs has issued a clarification on the concessional Basic Custom Duty rate on parts used in the manufacturing of Liquid Crystal Device and Light Emitting Diode TV panels. 50/2017-Customs dated June 30, 2017 provides for a concessional BCD rate of 5% for specified parts and subparts of LCD and LED TV panels. According …

The government on Tuesday proposed to increase the basic customs duty on import of commonly used items, including headphones and earphones, loudspeakers, smart meters, imitation jewellery, solar cells, solar modules to promote domestic manufacturing in the in the Union Budget for 2022-23. However, imported cut and polished diamonds, frozen mussels, frozen squids, asafoetida, cocoa beans, methyl alcohol and acetic acid …

Solar power producers are staring at a sharp escalation in costs of projects under construction if they fail to complete them before the government imposes a basic customs duty on imported solar photovoltaic cells and modules from next year. Power producers will, however, be forced to rush to finish projects within deadlines with imported equipment to keep costs under control …