5% import obligation on key part utilized in TV manufacturing from October 1 | Expertise Information

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5% import duty on key component used in TV manufacturing from October 1

New Delhi: Customs obligation of 5 per cent has been imposed on import of a key part utilized in manufacturing of LED/LCD TVs from October?1, a authorities notification stated on Wednesday.

The federal government had final 12 months exempted customs obligation on open cells for a 12 months until September 30 because the home business had sought time to construct capability.?

The finance ministry, by way of a notification on Wednesday, prescribed 5 per cent customs obligation on open cells for LED/LCD TV panels.

EY Tax Associate Abhishek Jain stated this levy appears to purpose at fostering home manufacturing of open cells for televisions in India.

“Whereas this might entail elevated prices for some TV producers, an obligation leverage may incline TV manufactures for procuring / manufacturing domestically produced open cells and thus, advance the Make in India initiative of the Authorities,” Jain added.

Until final 12 months, televisions price Rs 7,000 crore have been being imported. Tv import has additionally been placed on the restricted class with impact from July-end this 12 months.

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