Financial Daily from THE HINDU group of publications
Wednesday, May 04, 2005
Financial Daily from THE HINDU group of publications Wednesday, May 04, 2005 |
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Info-Tech
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Hardware No change in duty on laptops: MAIT Our Bureau
New Delhi , May 3 IT hardware association, Manufacturers Association for Information Technology (MAIT), on Tuesday said that duty and price of laptops would remain unchanged following Monday's Amendment to the Finance Bill 2005, which clarifies that laptops will be subject to seven per cent Additional Duty like computers. "There is no change in the duty structure of the computers or laptops. The Notification attempts to clarify that products such as notebooks would also be covered under the purview of 7 per cent additional duty. Earlier, there were certain interpretation issues, especially on the applicability of the 7 per cent additional duty on notebooks," MAIT Executive Director, Mr Vinnie Mehta, said. At present, notebooks attract seven per cent additional duty and four per cent countervailing duty (CVD) - that was imposed on all imports to compensate for state level taxes, in particular State level Value Added Tax (VAT). This takes the effective levy on laptops to 11 per cent. According to Mr Raj Saraf, Chairman of Zenith Computers, the announcement by the Finance Minister cleared an issue of interpretation as to how laptops should be treated, and therefore will not result in any change in prices.
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