Finance Minister Nirmala Sitharaman presented the budget for 2024. Giving relief to the general public, the government has also reduced the customs duty on smartphones and mobile phone chargers to 15%. This means that it will now be cheaper to buy a new phone.
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Finance Minister Nirmala Sitharaman presented the first budget of the Narendra Modi government's Budget 3.0. One of the major announcements has also been that now customers will be cheaper to buy a new smartphone and charger. This is because the government has reduced the customs duty on both mobile phones and mobile chargers to 15%.
Before the announcement of Budget 2024, the customs duty on mobile phones and chargers was 20 percent. Finance Minister Nirmala Sitharaman had announced 15% hike in basic wages in the budget. With the reduction in customs duty, it is now cheaper to buy new phones and chargers by up to 5%.
After the customs duty is reduced, now the prices of mobile phones and chargers can be reduced. Nirmala Sitharaman also announced that in the last 6 years, the production of mobile phones in India has increased three times. Not only on mobile phones and mobile chargers, but also on mobile PCBA, BCD (Basic Custom Duty) has been reduced to 15%.
In January this year, the central government had also reduced the import duty on parts related to mobile phone manufacturing from 15% to 10%. The relief on basic customs duty for mobile phone manufacturing companies is going to benefit you directly if the device or components are imported from other countries.
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Earlier, companies had to pay more tax, which had a direct impact on the pocket of customers, due to which they had to pay more price for new phones. Now the government has taken a big decision to reduce customs duty so that companies have to pay less, which will reduce the price of mobile phones and also less burden on the pocket.
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