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TV players hail import duty scraping, to pass benefit to consumers
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SME Times News Bureau | 18 Sep, 2019
The TV manufacturers and trade bodies on Wednesday welcomed the scraping
of import duty on open cell LED TV panel, saying it would not only
boost sales of TVs in the festive season but also allow brands to push
sales for bigger TV sets. The TV players also announced to pass the
benefits to the consumers.
In a late night notification on
Tuesday, the Finance Ministry scrapped the import duty on open cell LED
TV panel from 5 per cent to zero.
"This change in duty
structure will also make imports competitive since zero duty from ASEAN
under FTA was in competition with the general duty of 5 per cent,"
Pankaj Mohindroo, Chairman, the India Cellular and Electronics
Association (ICEA) said in a statement.
The ICEA has brought to the notice of the government that the official imports were lower than the actual consumption in India.
"Reform will lead to the arrest of the grey market and push to organised manufacturing," he added.
The
government has also waived custom duty on import of chip on film,
Printed Circuit Board Assembly (PCBA) and Cell (glass board/ substrate),
which are used to manufacture open cell TV panels.
The announcement comes at an opportune time considering the flat growth that TVs have witnessed in the last year.
"Since
open cells form a major share of the total manufacturing cost of TVs,
the move will allow us to pass the benefits to the end consumer which
would be about 3-4 per cent reduction in price thus providing the
necessary thrust to the market," said Manish Sharma, President and CEO,
Panasonic India and South Asia.
"We had been eagerly waiting for
this as the earlier 5 per cent duty on open cell was not justified. This
will drastically boost the sales of the TVs in the coming months and
will also allow brands to push sales for bigger TVs," added Arjun Bajaj,
Director, Videotex International.
"This will further help India to become a export hub in future", Bajaj added.
The
government had imposed a custom duty of 5 per cent on import of such
panels back in 2017. Since then, various TV makers along with appliances
manufacturers had opposed and requested the government to waive it.
"We
are confident that the industry is poised to grow with this initiative
as prices will turn out even more attractive for customers. Therefore we
welcome this initiative as it reinforces Detel's vision of connecting
40 crore unconnected Indians," Yogesh Bhatia, MD, Detel noted.
"We
will continue our focus to support the establishment of a sizable
electronics hardware manufacturing hub in India specially relating to
various electronics items other than mobile handset eco-system which is
undoubtedly $210 billion opportunity", said Mohindroo.
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