Import Tax Hike – India Increases Import TAX on Mobiles, Video Cameras, and TVs
In an unprecedented and unexpected move, the Indian government has increased the import tax on many products. Some of those products are Mobiles, Video Cameras, and TVs. For mobiles, it is 15% from the previous 10%; for video cameras, it is 15%, and for TVs it is now 20% from the previous 10%.
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Import Tax Hike – Make-in-India
The Indian government made this move to promote its Made in India initiative. The ‘Make-in-India’ initiative is designed to get companies to manufacture their products in India. India is also looking to take the manufacturing hub title from China, who is the current leader.
Import Tax Hike – Apple Products
The biggest effect will be on Apple. Apple, at present, currently imports 88% of its phones and accessories to India. There may be an increase in iPhone phone and accessory prices in India. Apple will now have to start its manufacturing process in India and source locally.
Import Tax Hike – Other Products
- LCD, LED, and OLED TV Panels; now at 7.5% from the previous 0%
- Microwave Ovens; now at 20% from the previous 10%
- Imported Lamps & Light Fittings; now at 20% from the previous 10%
- Imported LED Lamps; now at 20% from the previous 10%
- DVD/VCR; now at 15% from the previous 10%
- Electricity Meters; now at 15% from the previous 10%
- Set-Top Boxes; now at 20% from the previous 10%
- Petroleum Coke; now at 7.5% from the previous 2.5%
The Indian government is looking to apply import taxes for a wider range of products. The Indian government is contending that this will encourage global manufacturers to start production and/or assembly locally.
What led to this increase is India’s goods imports which has now rose to 22% (roughly $256.4 billion). This is from the same time the previous year. This type of increase is concerning for local manufacturers as well as lawmakers and/or policymakers.
[Devesh Prabhu is a simple person who follows #Tech, #Smartphones, #Tablets, and other #Technology related #NEWS in general and blogs about them in his own way. He has been blogging on these and many other technology-related topics through his various blogs. You can always find him tinkering with his various gadgets to see what makes them tick. When not blogging or writing articles, you can find him enjoying the calmness and serenity of nature in a secluded location.
[Note: The article "RailWire: Google, Indian Railways, & RailTel" first appeared on http://deveshprabhu.in, a different take on things related to #Tech, #Smartphones, #Tablets, #Electronics, and other #Technology related #NEWS in general.]
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