Prices of televisions and electronic appliances likely to increase
Posted on: 17/Sep/2018 11:29:13 AM
The government’s policy upgradation in restricting non-essential imports may lead to an increase in custom duties. This factor can probably fire up the prices of premium televisions and other electronic appliances on increasing plateau.
Large screen Televisions, Refrigerators, Large front-load washing machines, Microwave ovens, Cloth dryers, Premium air-conditioners and Electronic kitchen appliances are mostly imported that can have a price increase owing to the government’s taxation policies.
Free trade agreements (FTA) has been signed with some of the ASEAN bloc countries such as Thailand, Vietnam and Malaysia. So the importing companies expect that the government cannot impose any taxation regulations for the goods imported from these FTA signed countries as it may go against the spirit of the World Trade Organization (WTO).
High quality white goods with international standards will always be a demand from the side of customers and the ends of distributing those devices must be met excluding the external taxation conditions said some of the electronic retailers and distributors. Many tycoons of the field insist government should reduce the taxation schemes imposed in these white goods for the better sales increase.
According to the ministry of commerce and industry data the last year 2017-18, electronic goods import was rated as Rs 32,230 crore and there is a considerable reduction in the total import for current year estimated total of inly Rs 4,540 cr. Some of the economic expert opinions points out the decline of Indian rupee owing to the blunders of Demonetization and GST made some of the trading operations going haywire in the nation.
Some of the foreign brands such as Xiaomi, Sony, BPL, TCL and Skyworth have started the local production of the electronic appliances and further plans to expand the raw material intake within the country for optimal domestic production. This may directly affect the resources of the nation and governing the importing regulations alone is not a good strategy to retain the valuable resources.
The total energy requirement and resource usages for producing the same appliances domestically are always high and directly impacts the citizens of the nation. So changing the importing taxation policies for these non-essential white goods should have a considerable change for effective economic flow.
