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Mobile industry raises demand for GST rate cut in Budget
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SME Times News Bureau | 23 Jan, 2021
Industry body India Cellular and Electronics Association (ICEA) has
renewed its demand for reducing Goods and Services Tax (GST) for the
mobile industry ahead of the Union Budget to be presented on February 1.
Terming
the GST hike of 50 per cent in March 2020 as "a cruel blow" dealt to
the industry, the ICEA said that the rationale presented to the GST
Council for raising the rate was "flawed".
"To achieve the goal
of smartphones in the hands of every Indian and to attain a domestic
mobile phone market of $80 billion, it is imperative to reduce the GST
on mobile phones from 18 per cent to 12 per cent," Pankaj Mohindroo,
Chairman, ICEA, said in a statement.
ICEA also recommended Rs 500
crore budgetary allocation for establishing various Centres of
Excellence for the key areas of electronics development, and a Rs 200
crore budgetary allocation for Mobile Design Centre.
Among other
recommendations, the industry body sought interest subvention of 5 per
cent for loans up to Rs 1,000 crore and credit guarantee of Rs 100
crore.
Regarding the homegrown handset makers, the ICEA said the
"government is extremely supportive of building Indian champion
companies which can be global leaders in the sub-$200 entry level mobile
phone segment".
"It is strongly recommended that a budget head
should be opened in the Union Budget with an allocation of Rs 1,000
crore to begin with. Indian champion companies will build a strong
supply chain and this investment will pay disproportionate dividends to
our nation," ICEA said.
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