- 2024 Union Budget reveals a lowered basic customs duty of 15% of smartphones Made in India.
- The move will benefit smartphone makers as well as customers as they have to shell out less boosting smartphone sales in the country.
- Lowered duties applies on smartphones made in India and not CBUs.
The 2024 Union Budget was announced earlier on Tuesday bringing tectonic shifts in pricing, stocks, to name a few. What’s interesting is how it has reduced customs duty on Made in India smartphones to 15% making phones much cheaper, a dip from the current rate of 20%.
2024 Union Budget slashes down taxes on smartphones
This was revealed at the 2024 Union Budget unveiling by Finance Minister Of India Nirmala Sitharam. The move will surely give a boost to the mobile industry in the country as well as reduce the cost of phones making them much cheaper with the basic customs duty being capped at 15%. Note that this doesn’t apply for smartphones that are brought to India as CBUs or Completely Built Units.
India has become a hub for both smartphone manufacturing and sales with bigwigs like Apple and Xiaomi setting up their units on the contrary. With the newly slashed basic custom duties on components used in Make in India phones, you can expect lowered pricing on the end devices. Analysts believe smartphones priced below INR25,000/- will soon see improved smartphone sales once the ‘Budget’ swings into action from April 1st, 2025.
Related
The Make in India initiative was launched almost 10 years ago by the PM Modi administration and targeted towards uplifting Indian populations with latest and smart technologies and boosting manufacturing in the country. Some of the phones that take advantage of this initiative are iPhone 15 series, Xiaomi Redmi 13 5G, Samsung Galaxy M35, and OnePlus Nord 4.
