Budget 2022: In the era of Corona epidemic, while presenting the budget of the country, Finance Minister Nirmala Sitharaman has a lot of expectations on her. The Home Appliances and Consumer Electronics industry is expected to increase the excise duty on import of finished goods in this coming budget. The industry believes that this will help discourage imports.
Electronics industry expects better steps from the budget
The industry has also sought incentives for specific research and development (R&D) and localization of projects under the Production Based Incentive (PLI) scheme. The Consumer Electronics and Appliance Manufacturers Association (Ciema) said the industry worth about Rs 75,000 crore is expecting some decisions that will boost domestic manufacturing.
Industry demands to increase excise duty on import of finished goods
Eric Breganza, president of Siema, said, “To further encourage local manufacturers, there should be a five per cent fee difference between parts and finished goods. This will give much needed impetus to the manufacturers and will help in creating a manufacturing base in India.”
GST on air conditioners to be reduced to 18%
Siema has also asked for a roadmap for the tax structure for the LED industry for the coming five years so that appropriate investment and policy interventions can be planned. Eric Breganza said that the industry expects the government to bring down the Goods and Services Tax (GST) on air conditioners to 18 per cent. Apart from this, the industry also demanded reduction of tax on television (with 105 cm screen).
Godrej Appliances expressed this hope
Kamal Nandi, business head and executive vice president at Godrej Appliances, said, “Air conditioners still come under the highest tax bracket of 28 per cent. We expect it to be brought down to 18 per cent.”
read this also
Stock Market Opening: Sensex fell 676 points to 58360, Nifty fell 200 points to 17400
Economic Survey: This time the economic survey is expected to come in one section, likely to give an estimate of 9 percent of GDP
(This is an auto-generated article from syndicated news feed. TEAM BEPINKU.COM may not have modified or edited the article).