March 04, 2011 / 18:13 IST
Mobile handset prices will become more expensive as Finance Minister Pranab Mukherjee today announced one percent hike in the Central Excise duty for 130 items, including phones.
Come April 1 and central excise duty on mobile phones will be raised from the current four per cent to five per cent."The increase in central excise duty is detrimental as it will make mobile phones more expensive and provide impetus to the grey/un-branded market," Nokia India VP and MD D Shivakumar said.According to business research and consulting firm Frost & Sullivan, the overall budget may be positive, but no tax incentives to the telecom industry remains an area of concern."The Budget 2011 covered too little on telecom, while this is one of the fastest growing sectors. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
