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India hikes taxes on mobile phones, parts

1 Mins read
imageStock Markets9 hours ago (Mar 14, 2020 12:11PM ET)

(C) Reuters. India hikes taxes on mobile phones, parts

NEW DELHI (Reuters) – India’s Goods and Services Tax Council has increased the tax on mobile phones and parts, Finance Minister Nirmala Sitharaman said on Saturday, a move that could lead to higher prices.

Sitharaman, who heads the council, composed of representatives from all Indian states, said taxes on mobile phones and parts would rise to 18% from 12%.

The move could make popular mobile phones from firms including Apple Inc (O:AAPL) and Samsung (KS:005930) more expensive. The government raised import duty on such devices earlier this year.

Sitharaman also said the council had decided to reduce GST rate on Maintenance, Repair and Overhaul (MRO) services for aircraft from 18% to 5%.

India hikes taxes on mobile phones, parts

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