Government announces reduction in customs duty on import of inputs used in mobile phones
By MYBRANDBOOK
The government has reduced custom duty on import of some parts and inputs like camera lens and extended the concessional duty on lithium-ion cells for batteries for another year. This step has been taken to promote domestic manufacturing of mobile phones.
Minister, Nirmala Sitharaman has also extended the exemption of custom duty to import of capital goods and machinery required for manufacture of lithium-ion cells for batteries used in electric vehicles. She announced this during her budget speech.
The finance minister also revised upwards the National Calamity Contingent Duty (NCCD) on specified cigarettes by about 16 per cent. It was last revised 3 years ago. To avoid cascading of taxes on blended compressed natural gas, she proposed to exempt excise duty on GST-paid compressed bio gas contained in it.
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