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Union Budget 2024 Highlights: Changes Telecom & Electronic Sector

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Highlights:

Finance Minister Nirmala Sitharaman proposes a BCD increase from 10% to 15% on telecom PCBA and a reduction from 20% to 15% on mobile devices and chargers, enhancing domestic production. Further, BCD has been removed on oxygen-free copper for the manufacture of resistors.

Telecom Equipment PCBA Duty Raised from 10% to 15%

Finance Minister Nirmala Sitharaman, in her Union Budget 2024 presentation, proposed an increase in the basic customs duty (BCD) on printed circuit board assemblies (PCBA) for specified telecom equipment from 10% to 15%.

This measure aims to boost domestic manufacturing in the telecom sector. “To incentivise domestic manufacturing, I propose to increase the BCD from 10% to 15% on PCBA of specified telecom equipment,” FM Sitharaman stated.

Reduction in BCD for Mobile Devices from 20% to 15%

The Finance Minister also announced a reduction in the BCD on electronic items, including mobile phones, mobile PCBA, and mobile chargers, from 20% to 15%. This change is intended to benefit consumers and reflect the significant growth in domestic production and exports of mobile phones.

“With a three-fold increase in domestic production and almost a 100-fold jump in exports of mobile phones in the last six years, the Indian mobile industry has matured. In the interest of consumers, I now propose to reduce the basic customs duty (BCD) on mobile phones, mobile PCBA, and mobile chargers to 15%,” she explained.

Enhancements for Domestic Electronics Industry

Further measures to enhance the domestic electronics industry include the removal of BCD on oxygen-free copper used in the manufacture of resistors, subject to conditions. Additionally, certain parts for the manufacture of connectors will also be exempted from customs duty.

“To increase value addition in the domestic electronics industry, I propose to remove the BCD, subject to conditions, on oxygen-free copper for the manufacture of resistors. I also propose to exempt certain parts for the manufacture of connectors,” FM Sitharaman added.

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This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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