Apple has reduced the prices of its iPhones by 3-4% across all models, allowing customers to save between Rs 5100 to Rs 6000 on Pro and Pro Max models. Made-in-India iPhones, including the 13, 14, and 15 models, have seen a price cut of Rs 3000, while the iPhone SE is now Rs 2300 cheaper.
Price Reductions for Pro Models
For the first time, Apple has reduced prices for its Pro models. Normally, the company discontinues the Pro models after launching new ones, and any remaining stock is sold by dealers and resellers at discounted prices. This time, Apple has officially lowered the maximum retail price (MRP) of the Pro models.
Impact of Customs Duty Cuts
This price cut follows a reduction in the basic customs duty on mobile phones from 20% to 15%, as announced in the recent Budget. Additionally, the customs duty on printed circuit board assemblies for mobile phones and mobile phone chargers has been reduced. Apple has quickly passed these savings on to consumers.
Current Tax Structure
Imported smartphones sold in India currently attract an 18% GST and a 22% customs duty (20% basic and 2% surcharge). After the duty cut, the total customs duty will be 16.5% (15% basic and 1.5% surcharge). India-made phones only have an 18% GST.
Local Manufacturing Advantage
With these price reductions, Apple has passed on the entire benefit of the duty cuts to customers. Currently, 99% of mobile phones sold in India are manufactured locally, with only high-end models, including iPhone Pro models, being imported.
Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.
