Budget 2018:LCD & LED TVs to cost more as government hikes customs duty on panels
The government has increased the customs duty on parts of LCD/LED/OLED TVs to 15 % to boost domestic manufacturing.business Updated: Feb 01, 2018 14:45 IST
LCD & LED TV sets are set to become costlier as the government today proposed to double the customs duty on imported panels to 15 per cent from existing 7.5 per cent to encourage local manufacturing.
The government has increased the customs duty on parts of LCD/LED/OLED TVs to 15 % to boost domestic manufacturing.
“I propose to increase customs duty on mobile phones from 15 % to 20 %, on some of their parts and accessories to 15 %, and on certain parts of TVs to 15 %,” Finance Minister Arun Jaitley said in his budget speech.
There is substantial potential for domestic value addition in certain sectors, like food processing, electronics, auto components, footwear and furniture, he added.
“This measure will promote creation of more jobs in the country,” Jaitley said.