LCD/LED TV to be dearer as govt hikes customs duty on panels

LCD/LED TV sets will become costlier as the government today proposed to double the customs duty on imported panels to 15 per cent from existing 7.5 per cent to encourage local manufacturing.

The government has increased the customs duty on parts of LCD/LED/OLED TVs to 15 per cent to boost domestic manufacturing.

“I propose to increase customs duty on mobile phones from 15 per cent to 20 per cent, on some of their parts and accessories to 15 per cent, and on certain parts of TVs to 15 per cent,” Finance Minister Arun Jaitley said in his budget speech.

There is substantial potential for domestic value addition in certain sectors, like food processing, electronics, auto components, footwear and furniture, he added.

“This measure will promote creation of more jobs in the country,” Jaitley said.