India to Simplify Taxes on Mobile Phones to Boost Local Production
Published on: 18th Feb 2014
By: Ian Mansfield
India's government has proposed simplifying the excise duty on mobile phones in an effort to boost local handset production.
Finance Minister P Chidambaram said that he proposed a reduction in the excise duties for all categories of mobile handsets.
"The rates will be six percent with CENVAT credit or one cent without CENVAT credit," he added.
CENVAT is the tax on value addition on the goods manufactured according to central excise and customs act difinition. CENVAT credit relates to input goods or input services.
He said that the move should boost local production of mobile phones which had declined, and reduce the rising rate of imports.
Next Story >> Malaysian MVNO Planning Retail Store Expansion
Previous Story << NEC launches world's first virtualized MVNO solution