New Delhi: Finance Minister Nirmala Sitharaman is announcing the Budget for the financial year 2023-24. The budget is set to impact the prices of electronic items as the government has reduced the Custom Duty on major electronic items such as mobile and television. The reduced Custom Duty on the import of parts will decrease the price of products in the electronics market.
Nirmala Sitharaman announced the reduction of the Basic Customs Duty on parts of open cells of TV panels to 2.5% to promote value addition in the manufacturing of televisions. The Finance Minister also proposes to provide relief on Customs Duty on the import of certain parts and inputs like camera lenses.
To promote value addition in the manufacturing of TVs, I propose to reduce the Basic Customs Duty on parts of open cells of TV panels to 2.5%: FM Nirmala Sitharaman pic.twitter.com/XP0uAZVfOS
— ANI (@ANI) February 1, 2023
The government is to continue the concessional duty on lithium-ion cells for batteries for another year, this indicates that the batteries will be available for cheap rates for the financial year 2023-24.
I propose to provide relief on Customs Duty on import of certain parts & inputs like camera lens & continue the concessional duty on lithium-ion cells for batteries for another year: FM Nirmala Sitharaman pic.twitter.com/ZOq2u0cP08
— ANI (@ANI) February 1, 2023
The big announcement with regard to the electronic market came in the mobile phone sector as the Finance Minister announced to reduce the duty on certain parts. This will promote manufacturing at comparatively reduced prices.
Boosting the market, the development of 100 labs for developing apps using 5G services in engineering institutions was announced in Parliament. This will cover apps like Smart Classrooms, Precision Farming, Intelligent Transports Systems and Healthcare.
The tax on electronic chimneys has also been reduced.
Meanwhile, the big announcement came with respect to the Personal Income Tax, as the tax rebate has been extended on income up to Rs 7 lakhs in the new tax regime. The new income tax slabs are 0 to Rs 3 lakhs – nil, Rs 3 to 6 lakhs – 5%, Rs 6 to 9 Lakhs – 10%, Rs 9 to 12 Lakhs – 15%, Rs 12 to 15 Lakhs – 20% and above 15 Lakhs – 30%.
