TV manufacturers including Samsung, LG, Sony and Panasonic will increase the prices of their LED and OLED TVs by up to 7% to offset the recent doubling of customs duty on importing panels into India. Announced as part of the country’s 2018 budget, the Indian government increased customs duty on imports from 7.5% to 15%. It also increased customs duty on TV parts from 10% to 15% in a bid to encourage manufacturers to use homegrown suppliers. (India Increases Duty on TVs, Panels and Phones)
LG’s OLED TVs could soon be significantly pricier in Inida thanks to the recent duty hikes.
Manufacturers are anticipating an impact on sales in the short term, and the Consumer Electronics and Appliances Manufacturers Association (CEAMA) is reported to have entered into discussions with the Indian government to reconsider the duty increase. In the meantime, Panasonic is planning a price increase of 2-7% for its TVs, while Samsung is considering a hike in the range of 5-6%. Sony, on the other hand, has not increased its prices as of yet, but wouldn’t rule it out for the future, as the company evaluates the mid-to-long-term effects of the duty increase. LG is still examining the figures and is yet to decide on a increase percentage.
