Under the newly proposed union Budget 2023 the Union Ministry has proposed certain major changes in Customs rates.
The bill has made Reduction in basic customs duty to reduce input costs, deepen value addition, which will automatically promote export competitiveness.it also has an aim to correct inverted duty structure so as to boost domestic manufacturing etc.
In normal cases the mobile parts include, circuit board containing the brains of the phone, antenna, liquid crystal display (LCD), keyboard (not unlike the one you find in a TV remote control), microphone, speaker, battery. But here it means Camera lens and its inputs/parts for use in manufacture of camera modules of cellular mobile phones.
Earlier the basic custom duty imposed for import of parts of mobiles, such as Camera lens and its inputs/parts for use in manufacture of camera modules of cellular mobile phones were 2.5%. But now no basic custom duty can be imposed on import of parts of mobiles, such as Camera lens and its inputs/parts for use in manufacture of camera modules of cellular mobile phones.
This can be said to be an amendment according to the modernisations, which will automatically tend to develop the technology field. It also will help to boost domestic mobile manufacturing as it is a great relief for mobile manufacturers in India.
In case of import of display assembly of cellular mobile phones along with back support frames will attract Basic customs duty (BCD) at the rate of 10%.
Another major change in the manufacturing field is, relief to Specified parts for manufacture of open cell of TV panel. The Budget 2023 has witnessed many more relief in case of basic customs duty such as electronic appliances, other electronic and technological tools, minerals and agricultural products.
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