SME Times is powered by   
Search News
Just in:   • Trifecta Capital closes 2nd debt fund at Rs 1,025 cr  • ICICI Bank reduces home loan interest rate to 6.70%  • Higher infra spend ups 'Construction Equipment' volumes  • Ezstays completes seed round of funding  • Demand for luxury smart homes, villas rise 
Last updated: 23 Jan, 2021  

Mobile.9.Thmb.jpg Mobile industry raises demand for GST rate cut in Budget

mobile
   Top Stories
» Feb exports down on container shortage: FIEO
» Industry should stress skill training: Naidu
» GVA growth more accurate than GDP numbers for FY21: DEA
» Forex reserves rise by $689 mn
» Champion industry, aluminium, looks for 5% RoDTEP rate to boost exports
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.
 
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 06 Mar, 2021
  Daily Poll
COVID-19 has directly affected your business
 Yes
 No
 Can't say
  Commented Stories
» Resurgence in MSME credit(1)
» L&T secures Rs.3.44 billion project from Power Grid(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter