{"id":2717,"date":"2021-02-01T09:21:32","date_gmt":"2021-02-01T09:21:32","guid":{"rendered":"https:\/\/thenextweb.com\/?p=1336748"},"modified":"2021-02-01T09:21:32","modified_gmt":"2021-02-01T09:21:32","slug":"indias-new-customs-duties-will-make-your-next-phone-pricier","status":"publish","type":"post","link":"https:\/\/www.londonchiropracter.com\/?p=2717","title":{"rendered":"India\u2019s new customs duties will make your next phone pricier"},"content":{"rendered":"\n

If you\u2019re waiting to buy a phone in India this year, you might find prices in the market a tad steeper than before. <\/span>The country has increased customs duty on importing certain parts to encourage local manufacturing.<\/p>\n

Presenting the annual budget, finance minister Nirmala Sitharman said today that the country is introducing import duty on few mobile parts in order to boost local manufacturing.<\/span><\/p>\n

\n

Domestic electronic manufacturing has grown rapidly. We are now exporting items like mobiles and chargers. For greater domestic value addition, we are withdrawing a few exemptions on parts of chargers and sub-parts of mobiles. Further, some parts of mobiles will move from \u2018nil\u2019 rate to a moderate 2.5%.<\/p>\n<\/blockquote>\n

Manufacturers will have to pay a 2.5% customs duty for importing parts, including camera modules, printed circuit boards, and connectors, starting from April. Plus, there is an increased tax on importing parts of chargers.<\/p>\n

<\/i><\/a>import duties on mobile parts<\/figcaption><\/figure>\n

Apple<\/a> and Samsung<\/a> have already booted out the adapter from retail packs of their phones. As IDC analyst Navkendar Singh noted, this duty hike might incentivize others to take similar steps.<\/p>\n

\n

So, mobile chargers & some other components removed from exempt list, to now attract 2.5%. Plus customs on PCB for charger\/adapter now 15% to 10%. Apart from expected price hike, did FM just give a valid reason to the industry to remove in-box adapters? #IndiaBudget2021<\/a><\/p>\n

\u2014 Navkender Singh (@navkendarsingh) February 1, 2021<\/a><\/p>\n<\/blockquote>\n

These duties might introduce a slight price hike in the retail prices of phones. Prachir Singh, an analyst at Counterpoint, said \u201cThis might increase in prices for short term or a very modest increase as the bulk of these sub-components have already local suppliers like for camera modules, PCBAs, chargers, and connectors.\u201d<\/p>\n

India is pushing local manufacturing through schemes under its Make In India program. Last year, it approved applications from iPhone-makers and Samsung to grant 4-6% tax benefits to produce phones above \u20b915,000 <\/a>($205)<\/a>. <\/span><\/p>\n

In her budget speech today, Sitharaman said the country will invest \u20b91.97 lakh crores ($26.98 billion) over five years in a Production Linked Incentive Scheme (PLI)<\/span><\/a> to boost manufacturing.<\/p>\n

Did you know we have a newsletter all about consumer tech? It\u2019s called Plugged In \u2013 and you can subscribe to it right here<\/a>. <\/i><\/p>\n

Published February 1, 2021 \u2014 09:21 UTC <\/p>\n

Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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