Smartphones Refrigerator, and Smartwatch Prices likely to change from April 1 2022!

Two weeks ago, Finance Minister presented the Union Budget which specifically focused on further promotion of electronics components. According to US-based accounting firm Grant Thornton, manufacturing could become costlier or cheaper with the proposed custom duty on electronics items from April 1, 2022.

Let us have a look at some of the essential products.

Smartphone

The government has given concession of custom duty from 5 to 12.5% ​​on transformer parts of mobile phone charger, camera lens of mobile camera module and other accessories. In such a situation, the manufacturing manufacturing cost of making a smartphone will be reduced. This benefit can be for the users.

Parts of smartwatches will continue to be exempted from customs duty till March 31, 2023. This will result in cost-benefit to the manufacturers and may lead to a fall in the prices of smartwatches.

Import duty on parts used in manufacturing has been increased and this may increase production cost. Users may have to pay more for wireless earbuds, neckband headphones and other similar gadgets.

Import duty on parts used in compressors has been increased. This means that the price of refrigerators in the country is likely to be higher.