Latest News

Customs duty on import of certain inputs for mobile phone manufacturing to be cut: FM

Finance Minister Nirmala Sitharaman on Wednesday announced a cut in customs duty on the import of certain inputs for mobile phone manufacturing

PSU Watch Bureau

New Delhi: Finance Minister Nirmala Sitharaman on Wednesday announced a cut in customs duty on the import of certain inputs for mobile phone manufacturing. In her Budget 2023-24 speech, she said India's mobile phone output rose from 5.8 crore units in 2014-15 to 31 crore units last fiscal. Her announcement comes at a time when India has aggressively positioned itself as an electronics powerhouse to the world, as global players look for a China plus one strategy.

Sitharaman announces customs duty on various products

Sitharaman also announced that customs duty on parts of open cells of TV panels would be cut to 2.5 percent, while customs duty on kitchen electric chimney has been increased to 15 percent from 7.5 percent. However, she said that the government would continue with a concessional basic customs duty of 2.5 percent on copper scrap. The finance minister also announced a hike in basic customs duty on articles made from gold bars while increasing the tax on cigarettes by 16 percent. The government would also reduce customs duty on shrimp feed to promote exports, she said.

Further, she said that the government proposes to increase the limit for presumptive taxation for MSMEs and certain professionals to Rupees three crore and Rs 75 lakh, respectively.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)

INOX India net profit grows by 10% to Rs 50 crore in Q2

SBI Q2 net profit jumps 23% to Rs 19,782 crore in Q2 FY'25

LIC Q2 net profit slips 4% to Rs 7,621 crore

BEL secures additional orders of more than Rs 500 crore

Vilas Sopan Wadekar set to be next CMD of MRVC