In a move that is set to benefit both consumers and the electronics manufacturing industry, Finance Minister Nirmala Sitharaman has reduced the basic customs duty on mobile phones and chargers as part of the Union Budget 2024. This significant policy change has led Apple to slash the prices of its iPhones in India, with substantial reductions on high-end models. Here’s a detailed look at the new pricing and what it means for consumers.
Impact of Reduced Customs Duty
The reduction in customs duty has been a longstanding demand of the electronics manufacturing industry. Previously, imported smartphones sold in India attracted an 18% GST and a 22% customs duty, which included a 20% basic duty and a 2% surcharge. The recent changes have brought the total customs duty down to 16.5% (15% basic and 1.5% surcharge). For smartphones manufactured in India, only the 18% GST is levied. Apple, which imports its iPhone Pro and Pro Max models while manufacturing other models locally, has responded by adjusting its prices.
Price Reductions on iPhones
Following the customs duty reduction, Apple has updated its prices on the official Apple Store in India. The most significant price cuts are seen in the high-end iPhone 15 Pro and Pro Max models, with discounts of up to Rs 6,000. Meanwhile, base models have seen negligible reductions of around Rs 300. Below is a detailed comparison of the old and new prices.
New Prices of iPhones in India
| iPhone Model | Storage Variant | Old Price (Rs) | New Price (Rs) |
|---|---|---|---|
| iPhone 15 | 128GB | 79,900 | 79,600 |
| 256GB | 89,900 | 89,600 | |
| 512GB | 109,900 | 109,600 | |
| iPhone 15 Plus | 128GB | 89,900 | 89,600 |
| 256GB | 99,900 | 99,600 | |
| 512GB | 119,900 | 119,600 | |
| iPhone 15 Pro | 128GB | 134,900 | 129,800 |
| 256GB | 144,900 | 139,800 | |
| 512GB | 164,900 | 159,700 | |
| 1TB | 184,900 | 179,400 | |
| iPhone 15 Pro Max | 256GB | 159,900 | 154,000 |
| 512GB | 179,900 | 173,900 | |
| 1TB | 199,900 | 193,500 | |
| iPhone 14 | 128GB | 69,900 | 69,600 |
| 256GB | 79,900 | 79,600 | |
| 512GB | 99,900 | 99,600 | |
| iPhone SE | – | 49,900 | 47,600 |
| iPhone 13 | – | 59,900 | 59,600 |
Conclusion
The reduction in basic customs duty on mobile phones and chargers by Finance Minister Nirmala Sitharaman is a welcome move for consumers in India. Apple’s subsequent price cuts, especially on the high-end iPhone Pro models, make these premium devices more accessible. While the reductions on base models are minimal, the overall price adjustment reflects the government’s efforts to boost the electronics industry and make high-end technology more affordable for Indian consumers.
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