2024-07-24 19:52:52
Union Finance Minister Nirmala Sitharaman has given a big relief to mobile phone users. While presenting the Budget 2024, the Central Government has reduced the customs duty on import of mobile phones, mobile PCB and mobile chargers to 15 percent, which was 20 percent earlier. In such a situation, the price of mobile phones and mobile chargers may be reduced in the coming days. However, the question arises that how much will be the price reduction of smartphones and chargers? So let us tell you that there is no direct answer to this. Let us know how?
Who will benefit from the reduction in customs duty?
Actually, tech companies will benefit from the reduction in customs duty. This means that when tech companies import mobiles or chargers from abroad, they will have to pay less tax. This means that customers are not going to get direct benefit. It is up to tech companies to decide how much discount they give to customers. However, it is believed that when tech companies benefit, customers are expected to benefit from it.
Understand the whole mathematics like this
Suppose an Indian tech company imports mobile phones, its parts and chargers from China for Rs 100, then now it will have to pay Rs 15 instead of Rs 20 as tax as before. In this case, it will get a profit of Rs 5. In such a situation, there is a possibility of a 5 percent reduction in the price of smartphones and chargers in India. However, will the tech companies pass on this benefit to the customers or not? It depends on the tech companies.
What did the Finance Minister say?
Finance Minister Nirmala Sitharaman said that in the last 6 years, domestic smartphone production has increased three times, while smartphone exports have increased by about 100 times. In such a situation, the mobile industry has become much more mature than before. In such a situation, keeping in mind the benefits of the customers, the government has decided to reduce the basic custom duty on mobile, mobile PCB and mobile charger to 15 percent.
Manufacturing will get a boost
Reduction in import duty on mobile PCB will make manufacturing and assembling of smartphones at domestic level cheaper. This is likely to increase manufacturing in the coming days. Or in other words, manufacturing and purchasing of smartphones locally will be within budget. The price of accessories that come with the smartphone box can also be reduced.