Tuesday, 25 June 2024
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IndiaTechnology

India Lowers Import Tax by 5% on Crucial Components  

  • India has significantly lowered import taxes on parts for the manufacturing of mobile phones.
  • It indicated a reduction in the import duty rate from 15% to 10%.
  • The newly implemented 10% import tax rate is intended to target several essential parts.

India has significantly lowered import taxes on parts that are necessary for the manufacturing of mobile phones. The modification was formally announced by the finance ministry in a notification that was made available late on Tuesday.

It indicated a reduction in the import duty rate from 15% to 10%. This move is being made to strategically increase exports from India, one of the major economies in Asia.

Import Tax

The newly implemented 10% import tax rate is intended to target several essential parts that are necessary for the assembly of mobile phones, such as back covers, battery covers, primary lenses, and different metal and plastic mechanical items.

This action is consistent with earlier this month’s rumors that suggested India may be considering lowering import taxes, with a particular focus on parts necessary for the production of high-end smartphones.

Industry insiders predict that the mobile phone industry will benefit from this cut, which will boost growth and competitiveness in the worldwide market.

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