SME Times is powered by   
Search News
Just in:   • Tourism growth and its inter-linkages  • Rate cut positive step, H2 growth likely to be better: Rajiv Kumar  • Exports decline in September  • Start-ups soon be able to sell products on GeM portal   • Conventional markets hit by e-commerce companies 
Last updated: 19 Sep, 2019  

Tv.Thmb.jpg Govt removes import duty on open cell LED TV panels

Tv.jpg
   Top Stories
» Start-ups soon be able to sell products on GeM portal
» US India strategic forum calls on PM Modi
» Govt committed to bolstering border infrastructure: Rajnath
» Indo-US trade negotiations on right track: Goyal
» Trade wars, protectionism impacting global trade, investment: FM
SME Times News Bureau | 19 Sep, 2019
Finance Ministry has abolished the import duty on open cell LED TV panels from 5 per cent to zero, meeting a long standing demand of the industry.

According to market estimates, the prices of TV will come down by 3-4 per cent.

Panels are the most critical component used in LED TV manufacturing, accounting for 65-70 per cent of the total production cost. In fact, at price of Rs 90,000 LED high-end TV, the panel costs Rs 65,000.

The IT Ministry and the the Department for Promotion of Industry and Internal Trade (DPIIT) have also sought reduction of goods and services tax (GST) on large-screen LED televisions to 18 per cent from 28 per cent to revive demand in the festive season.

At present, televisions up to 32 inches attract 18 per cent GST but those with larger screens attract 28 per cent duty. The industry is seeking a tax cut in the GST Council meeting scheduled to take place in Goa this Friday.

IT Minister Ravi Shankar Prasad on Monday held a round table with electronics industry CEOs where higher duties were the main challenge from industry side. Revenue Secretary Ajay Bhushan Pandey was also present at that meeting.

In notification, the ministry said Open cell (15.6 inch and above) for use in the manufacture of Liquid Crystal Display (LCD) and Light Emitting Diode (LED) TV panels is made zero duty with immediate effect.

The goods for use in the manufacture of Open cell of LCD and LED TV panels - Chip on Film, Printed Circuit Board Assembly (PCBA), Cell (glass board/substrate) will not attract any duty, it said.

The industry can now revive LED TV manufacturing in the country, many of them including the largest TV maker Samsung had exited local TV production last year due to imposition of 5 per cent duty on open cell TV panels.
 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 22 Oct, 2019
  Daily Poll
Is the Union Budget 2019 MSME-friendly?
 Yes
 No
 Can't say
  Commented Stories
» TradeIndia partners with Google to promote SMEs(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter