GSTnews item30 June 2017

Government imposes 10% customs duty on imported mobile phones

News Update

Government imposes 10% customs duty on imported mobile phones

Published Date: Jul 01, 2017
Source: ICAI PD Committee
India will begin imposing basic customs duty (BCD) on smartphones of 10% from July 1 making imported devices more expensive than locally made ones, a move that will bring relief to international investors like Foxconn and iPhone maker Wistron, as well as Indian companies that have invested heavily in setting up factories in the country.The move will stimulate investments of more than Rs 1,000 crore that have been on the fence for lack of clarity on the price differential incentive as India shifts to the goods and services tax (GST) regime. Before GST, the duty structure made imported phones more expensive than locally made ones, but that difference was set to be evened out after GST.
Read Original News Article
Government imposes 10% customs duty on imported mobile phones