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Import Duties On LED TV Panels Abolished, Says Finance Minister

Finance Ministry has abolished the import duty on open cell LED TV panels from 5 per cent to zero

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TV, LED panels, Finance Minister, India, import duty
Finance Ministry has abolished the import duty on open cell LED TV panels from 5 per cent to zero. Wikimedia Commons

Finance Ministry has abolished the import duty on open cell LED TV panels from 5 per cent to zero, meeting a long standing demand of the industry.

According to market estimates, the prices of TV will come down by 3-4 per cent.

Panels are the most critical component used in LED TV manufacturing, accounting for 65-70 per cent of the total production cost. In fact, at price of Rs 90,000 LED high-end TV, the panel costs Rs 65,000.

The IT Ministry and the the Department for Promotion of Industry and Internal Trade (DPIIT) have also sought reduction of goods and services tax (GST) on large-screen LED televisions to 18 per cent from 28 per cent to revive demand in the festive season.

At present, televisions up to 32 inches attract 18 per cent GST but those with larger screens attract 28 per cent duty. The industry is seeking a tax cut in the GST Council meeting scheduled to take place in Goa this Friday.

TV, LED panels, Finance Minister, India, import duty
The industry can now revive LED TV manufacturing in the country, many of them including the largest TV maker Samsung had exited local TV production last year due to imposition of 5 per cent duty on open cell TV panels. Pixabay

IT Minister Ravi Shankar Prasad on Monday held a round table with electronics industry CEOs where higher duties were the main challenge from industry side. Revenue Secretary Ajay Bhushan Pandey was also present at that meeting.

In notification, the ministry said Open cell (15.6 inch and above) for use in the manufacture of Liquid Crystal Display (LCD) and Light Emitting Diode (LED) TV panels is made zero duty with immediate effect.

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The goods for use in the manufacture of Open cell of LCD and LED TV panels – Chip on Film, Printed Circuit Board Assembly (PCBA), Cell (glass board/substrate) will not attract any duty, it said.

The industry can now revive LED TV manufacturing in the country, many of them including the largest TV maker Samsung had exited local TV production last year due to imposition of 5 per cent duty on open cell TV panels. (IANS)

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The Challenges, Growth and Prospects of Olive Oil Industry in India

Discussing the growth, prospects of olive oil in India

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Olive oil
For the first time in the country, experts in India will hold a panel discussion about the olive oil industry. Pixabay

BY PUJA GUPTA

For the first time in the country, experts in India will hold a panel discussion on the challenges, growth and prospects of the olive oil industry on the 13th of December at PHD Chamber of Commerce & Industry.

Rahul Upadhyay, President and Akshay Modi, Vice-President at The Indian Olive Association (IOA) will be hosting the Annual Public at the Lakshmipat Singhania Auditorium. The session will discuss the transition of olive oil from being a foreign oil to a homegrown oil with which the citizens of India can now reckon with.

The panel moderated by senior food and travel writer Rupali Dean will spearhead the session on Olive Oil In India-2.0. The panel of speakers will include noted restaurateurs, chefs, nutritionists, food researchers and biologists, entrepreneurs, retailers, food, health and fitness experts.

Olive oil india
The Indian Olive Association focuses on the problems confronting the emerging sector of olive oil and table olives in India. Pixabay

Upadhyay said, “The Indian Olive Association focuses on the problems confronting the emerging sector of olive oil and table olives in India. With Annual Public Session, we attempt to bring together the doyens from the food and health industry to discuss the problems and offer solutions that will accelerate the growth of olive oil in India.”

Akshay Modi, Vice-President at The Indian Olive Association (IOA). “The Annual Public Session is a platform that brings together all the diverse stakeholders to speak a unified voice for the greater good of the category of olive oil in India.”

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The Indian Olive Association (IOA), the national apex association of olive oil producers, growers, distributors, importers, users and consumers in India works to promote consumption and expand the market for olive oil and table olives. The association focuses on the problems confronting this emerging sector in India. Macro-economic factors like GST, Import Duty and issues with respect to the import of both table olives and olive oil are taken up by IOA with multiple authorities to streamline the import process and ensure a steady growth for this category. (IANS)