Budget 2022: Grants of rights on cell phone parts, duties on unpolished diamonds will be reduced to 5%
From corporations and the middle class to start-ups and fintech companies, the union’s annual budget brings hope to everyone. The 2022 union budget would bring a change in the electronics sector, while various areas of the retail sector have different requirements. Finance Minister Nirmala Sitharaman is set to present the budget in a paperless format on Tuesday.
A report of Hindustan time said the central government will revise tariffs on components or sub-parts of consumer electronics and cellphones to encourage local manufacturing. Meanwhile, electronics retailers have made specific demands.
Pallavi Singh, vice president of Super Plastronics PVT LTD (SPPL), India’s licensee of Westinghouse TV, told HT that the retail industry is urging the government to reduce GST on all consumer electronics. to reflect those available on commodities to reduce disparity. “With Budget 2022-2023, we sincerely hope and urge the government to reduce the GST on all consumer electronics to reflect those available on raw materials to reduce the disparity, especially as currently Currently, consumer electronics are labeled as necessities by all categories of consumers in India,” Singh said.
In the 2021-22 Union budget, a few items that became more expensive included compressors for refrigerators, air conditioners, raw silk and cotton, solar inventors, auto parts such as tempered safety glass, kitchen towels -ice cream, leather products and mobile phone chargers. While a few products have become cheaper, including gold, silver, platinum, medical devices imported by international organizations.
Here are the live updates:
– Gradually dispose of customs duties of 7.5% on project imports.
– Preferential customs duty on steel scrap extended for one year.
– Reduction of customs duties on unpolished diamond jewellery.
– According to reports, the government is already reviewing 400 tariff waivers, the final list is expected to be proposed as part of the 2022 budget and the industry is waiting for it so that there is no negative impact on the trade as a result of this exercise.
– Government is expected to raise the income threshold by Rs 15 lakh to fix the top tax rate of 30% to make more palatable the optional concessional tax scheme, which came into effect from September April 2021.
– In 2021-22, things that became cheaper included nylon clothing, naphtha (used in petroleum products), steel and copper products, silver and gold.
– In 2021-22, things that have become more expensive, LED lamps, leather products, edible oils, cotton and raw silk, mobile phones, alcoholic beverages.
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