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Govt removes import duty on open cell LED TV panels
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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.
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