Import Duty On Smartphone Spare Parts Reduced

In a notification issued by the union finance ministry just ahead of the union budget, the import duty on the spare parts, used in mobile phones manufacturing has been reduced from 15% to 10%

The Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman along with the Minister of State for Finance, Pankaj Chaudhary, the Union Minister of State for Finance, Dr Bhagwat Karad, the Secretaries of the Ministry of Finance, the Chief Economic Adviser to the GoI, and other Budget team members after giving the final touches to the Interim Union Budget 2024, in New Delhi on January 31, 2024.

FinTech BizNews Service    

Mumbai, January 31, 2024: The government has reduced the import duty on the spare parts, used in mobile phones manufacturing from 15 to 10%. In a notification issued by the union finance ministry just ahead of the union budget, the import duty on components, including screw, SIM sockets, or other mechanical items of metal for cellular mobile phone, has been reduced. 

The reduction also applies to battery cover, back cover, main lenses, and other mechanical items crafted from plastic and metal.

The move is expected to increase local manufacturing and exports. This development is also likely to lead to reduction in prices of smartphones by few percentages.

India Cellular and Electronics Association believes that this move will make 

mobile phones manufacturing more competitive.