GSTnews item18 September 2019
Govt scraps import duty on open cell TV panel to boost manufacturing
News Update
Govt scraps import duty on open cell TV panel to boost manufacturing
The government has scrapped import duty on open cell TV panel used to make television sets, as it aims to boost local manufacturing by lowering input costs for TV makers who have been complaining about a slump in demand. The decision to remove 5 percent customs duty will help reduce manufacturing cost by around 3 percent but it wasn't immediately clear if all TV makers will pass on the benefit to consumers. Panasonic said it will pass on the benefit of 3-4 percent reduction to consumers. Finance Ministry in a notification said customs duty on "open-cell (15.6-inch and above), for use in the manufacture of Liquid Crystal Display (LCD) and Light Emitting Diode (LED) TV panels" will be nil as against 5 percent import duty previously.
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