CBIC Extends Customs Duty Concessions On Electronics Manufacturing

1/16/2024 2:18:09 PM

(MENAFN- KNN India) New Delhi, Jan 16 (KNN) The Central Board of Indirect Taxes and customs (CBIC) has announced to provide concession on Customs Duty on import of various electronic manufacturing parts.

Essential inputs for the manufacturing of mobile phones such as camera lens and lithium-ion cells for batteries continued to benefit from the concessional duty for another year.

Similarly, to promote value addition in manufacturing of televisions, the board has proposed to reduce the basic customs duty (BCD) on parts of open cells of TV panels to 2.5 per cent.

In pursuance to provide relief in customs duty, the board mentioned that these steps will reduce input costs and deepen value addition in domestic manufacturing of electronics.

This exemption and concession in BCD for domestic electronics production was released as a part of a Union Budget announcement by the Finance Ministry on Tuesday.

The board had issued the notifications vide circular numbers 06/2023 and 02/2023 in February 2023.

(KNN Bureau)

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