November 13, 2020: Customs duty of 5 per cent will be imposed from November 12 on the imports of components used in manufacturing of open cell for LED/LCD TV panels.
In a notification, the Central Board of Indirect Taxes and Customs (CBIC) said 5 per cent duty would be levied on chip on film, printed circuit board assembly and cell (glass board/substrate) used in manufacture of open cell.
EY Tax Partner Abhishek Jain said the government recently categorised TVs as a restricted item for the purposes of import in India. Now, it has increased the customs duty on specified components used in manufacturing of open cell used in LED/ LCD TV panels from Nil to 5 per cent, he added.
“This clearly conveys the intention that the value addition in respect of LED/ LCD manufacturing should be centred in India, in line with the phased manufacturing programme,” Jain added.
Source: Financial Express
