iPhones get cheaper by up to Rs 6,000 after customs duty relief in Budget

The company stated that the prices for iPhones 13, 14, and 15 will decrease by Rs 300, while the iPhone SE will be cheaper by Rs 2,300.

This is the first time Apple has officially reduced prices for its Pro models. Typically, the company discontinues Pro models when launching new generations, with older models' inventories being cleared by dealers and resellers through selective discounts.

As a result, the maximum retail price (MRP) for Pro models had not been reduced until now, according to experts cited by the Economic Times.

This price reduction follows a cut in the basic customs duty on mobile phones, which was reduced from 20% to 15% in the Union Budget 2024, announced by Finance Minister Nirmala Sitharaman on July 23.

Besides mobile phones, the customs duty on printed circuit board assemblies for mobile phones and mobile phone chargers has also been reduced.

Currently, imported smartphones in India are subject to an 18% Goods and Services Tax (GST) and a 22% customs duty.

The recent duty reduction means the total customs duty will now be 16.5%, consisting of a 15% basic duty and a 1.5% surcharge.

For smartphones manufactured in India, only an 18% GST is applied.

Notably, 99% of the iPhones sold in India are produced locally, with only a few high-end models being imported.