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Union Finance Minister Nirmala Sitharaman during her Budget speech on Wednesday proposed to reduce the number of Basic Customs Duty (BCD) rates on goods other than textiles and agriculture from 21 per cent to 13 per cent.
"It is encouraging to see a reduction in customs duties for inputs/parts of certain electronic items like lithium-ion batteries, TV, and camera lens. It will improve the feasibility for enhancing backward integration and subsequently enabling local manufacturing of electronics," he said. Budget 2023: TV Prices to Come Down by Up to Rs 3,000 As Govt Reduces Custom Duty on Imported Parts.
With aim to promote domestic manufacturing, Union Finance Minister Niramala Sitharaman, in Budget 2023-24, provided relief in customs duty on import of certain parts and inputs like camera lens and lithium-ion cells for batteries for mobile phones for another year.
Agencies Mobile phones and TV sets manufactured in India would become cheaper with Finance Minister Nirmala Sitharaman announcing cuts in Basic Customs Duty (BCD) on import of their components but smokers would have to pay more as the government has increased taxes. Imported cars, including electric vehicles, and those assembled in India with imported
Rs 1.96 lakh cr allocated to MHA, majority spending on CAPFs Maturity of life insurance with annual premium of above Rs 5 lakh to be taxed Defence budget increased to Rs 5.94 lakh cr, Rlys get Rs 2.4 lakh cr Govt doubles deposit limit for Senior Citizen Savings Scheme NEW DELHI, Feb 1: Finance Minister Nirmala Sitharaman today raised the personal income tax rebate limit, doled out sops on small savings and announced one of the biggest hikes in capital […]