Import duty on open cell LED TV panel scrapped
The 5% import duty on open cell LED TV panel has been obliterated by the Ministry of Finance yesterday and is likely to reduce television prices. This is on account of the fact that open cell LED TV panel accounts for approximately 65-70% of the total production cost and around 60-65% of TV sets sold in the country are locally produced. This will also bolster the Make in India initiative.
Welcoming the move, contract manufacturer Dixon Technologies chairman Sunil Vachani said “It will help in building a strong ecosystem of manufacturing and eventually make India a hub for export of LED televisions.” The industry is now pinning its hopes on the demand to reduce the goods and services tax on large-screen LED televisions to 18% from 28%.