Budget 2023: Good news! Government reduced custom duty, TV will become cheaper, know how much the prices will be reduced

Know how much TV prices will be reduced

After this announcement by the Finance Minister, now locally manufactured television sets will become cheaper by about three thousand rupees. According to a report in ET, some industry insiders have pointed out that the reduction in customs duty on open cell components will effectively help bring down the cost of TVs by around 5 per cent. Open cell panels account for more than 60-70 percent of the cost of manufacturing an LED TV set. Most TV manufacturers in the country import these panels. According to industry people, this is a good step for the industry and an impetus for domestic manufacturing. Most of the manufacturers will pass this benefit on to the consumers. The reduction in customs duty to 2.5 per cent will bring down the final price of TV sets by up to five per cent, which has licenses for international brands including Blaupunkt, Thomson, Kodak and White-Westinghouse for the Indian market.

people will get benefit

The reduction in basic customs duty on imported components will benefit all consumers. The government’s decision to reduce custom duty on open sale to 2.5 per cent is very good. According to experts, due to this, the prices of big screen TVs in the Indian market can be reduced by up to three thousand rupees. According to industry people, this budget should spur more demand and consumer spending across sectors. According to Manish Sharma, President, Panasonic Life Solutions India, the reduction in tax for both the middle and upper class indicates more money in the hands of taxpayers. This will spur demand and consumption. It is encouraging to see reduction in customs duty on inputs/parts of some electronic goods such as lithium-ion batteries, televisions and camera lenses. This deduction will also help the manufacturers a lot. At the same time, it will be very beneficial for the consumers as well. People will be able to buy TVs at very low prices.

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In the year 2019, the government abolished duty on open sale

Earlier, in September 2019, the government had abolished duty on open sale for one year. Although it was implemented again after a year in 2020. According to Videotex International, an OEM/ODM smart TV maker for over 15 brands including Realme, Toshiba, Compaq, BPL, Hyundai in India, the duty reduction is substantial. This will prove to be a game changer. After this announcement by the government, now the prices of LED TVs are expected to fall by 1 to 1.5 percent. According to the companies, the benefit of this will be given to all the customers. According to a report by Counterpoint Research, the Storm TV market in India registered a 38 per cent year-on-year growth in shipments during the July-September quarter.