Image Source : PTI Mobile business raises demand for GST price reduce in Budget
Industry physique India Cellular and Electronics Association (ICEA) has renewed its demand for lowering Goods and Services Tax (GST) for the cellular business forward of the Union Budget to be introduced on February 1. Terming the GST hike of fifty per cent in March 2020 as “a cruel blow” dealt to the business, the ICEA mentioned that the rationale introduced to the GST Council for elevating the speed 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, mentioned in a press release.
ICEA additionally advisable Rs 500 crore budgetary allocation for establishing varied Centres of Excellence for the important thing areas of electronics improvement, and a Rs 200 crore budgetary allocation for Mobile Design Centre.
Among different suggestions, the business physique sought curiosity subvention of 5 per cent for loans as much as Rs 1,000 crore and credit score assure of Rs 100 crore.
Regarding the homegrown handset makers, the ICEA mentioned 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 mentioned.
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