Customs Duty Concessions Announced To Boost Domestic Manufacturing Of Mobiles & Other Electronics

Finance Minister Nirmala Sitharaman in her Union Budget 2022 speech has announced concessions on the customs duty levied on mobile phone parts and other electronics to boost domestic manufacturing. "Electronic manufacturing has been growing rapidly. Customs duty rates are being calibrated to provide a graded rate structure to facilitate domestic manufacturing of wearable devices, hearable devices and electronic smart meters. Duty concessions are also being given to parts of a transformer of mobile phone chargers and camera lens of mobile camera module and certain other items. This will enable domestic manufacturing of high growth electronic items," Sitharaman said. Presenting the Budget for 2022-23 in the Lok Sabha, Sitharaman also announced that the government will facilitate the export of jewellery through e-commerce for which it will implement a "simplified regulatory framework" by June this year. "To give a boost to the gems and jewellery sector, the customs duty on cut and polished diamonds and gemstones is being reduced to 5 per cent. Simply sawn diamond would attract nil custom duty," the FM said.

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