After the Finance Minister, Nirmala Sitharaman Union Budget 2024 presentation on July 23, with several schemes and announcement including the reduction in the basic customs duty on mobile phones, chargers, and some components, in a latest development to this, Apple, the iPhone maker has recently updated the prices of its iPhones in India.
This is also the first time that the iPhone maker has reduced the prices of its Pro models in India. The high-end Pro models has seen a significant price reduction while the base models like iPhone 15 and iPhone 15 price reduction is modest.
New iPhone Prices in India
Customs Duty Changes: A Breakdown
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Earlier, imported smartphones sold in India attracted an 18 per cent Goods and Services Tax (GST) and a 22 per cent customs duty, which included a 20 per cent basic customs duty and a 2 per cent surcharge.
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But the Budget 2024 present the parliament by the Finance Minister on July 23 has slashed the basic customs duty from 20 per cent to 15 per cent, reducing the total customs duty to 16.5 per cent (including a 1.5 per cent surcharge).
This duty cut does not apply to India-made phones, which continue to attract only the 18 per cent GST.
This price reduction is expected to make high-end iPhones more accessible to Indian consumers and could stimulate increased sales in the market.
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