Budget 2022 Expectations: From salaried middle class to start-ups and fintech firms, the Budget session of the Central government brings hope for everyone, and the retail sector is no exception. While various areas in the retail sector have different demands, the electronic sector in particular is reportedly going to see a change. As per a latest report by Hindustan Times, the Central government is going to revise customs duties on components or sub-parts of consumer electronics and mobile phones in order encourage local manufacturing.
As the move of the Central government is likely to help the specific area during Budget 2022, experts in this sector have other demands.
Speaking to News 18, Pallavi Singh, vice president of Super Plastronics PVT LTD (SPPL), India brand licensee of Westinghouse TV said the retail sector urges the government to reduce GST on all consumer electronics to reflect those available on raw materials to reduce the disparity.
“With the Budget 2022- 23, we hope and sincerely urge that the government reduce GST on all consumer electronics to reflect those available on raw materials to reduce the disparity, especially since in today’s day and age, consumer electronics are tagged as necessities by all categories of consumers in India,” Pallavi Singh said.
She also added that the GST cut is necessary on televisions during the Budget 2022. “With the current rate of 18 per cent on televisions up to 32 inches only, there is a vast range of televisions that comes under the ambit of the 28 per cent rate. A reduction in the rate to 18 per cent even in televisions up to 43 inches will bring a huge relief,” she added.
Avneet Singh Marwah, CEO at SPPL, exclusive brand licensee of Blaupunkt in India, told News 18 that as the country is going through another wave, this is an indication of how important Atma Nirbhar Bharat is. “To boost Indian manufacturing and MSMEs, we need a stable GST tax slab. No product should be above the 18 per cent slab, and they must now encourage consumerism in order to improve market sentiment,” said.
Moreover, Pallavi Singh also added that the Central government should boost Make in India initiatives. “Given the current semiconductor shortage in the world, our government should aid the potential sector and afford schemes under the National Policy on Electronics,” she said.
Notably, this year, the annual Budget presentation will go green, cutting down on the vast printing of documents that was associated with the presentation of tax proposals and financial statement of Asia’s third largest economy. The Budget documents will be available mostly digitally, with only a handful of physical copies, officials said.
Since coming to power, the Modi government has curtailed printing of the Budget copies — initially cutting copies distributed to journalists and outside analysts and then reducing those provided to Lok Sabha and Rajya Sabha MPs citing outbreak of the pandemic.
