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05 April, 2020, 10:33 PM IST

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Apple hikes iPhone prices by 5% due to increase in GST

The government last month increased GST on smartphones to 18% from 12% earlier, while in the Budget it increased net import duty by 2% by withdrawing the exemption on social welfare surcharge which was earlier available on the basic custom duty on mobile phones.

  • The Cupertino, California-based company is expected to officially unveil the new phone as early as March.

    “The rupee has depreciated significantly against the US dollar. Since we maintain less than 5% profit margin for all our hardware products, we have no option other than to increase prices,” Manu Jain, India head at Xiaomi, India’s leading handset maker, said in a note to customers.

    As per industry executives, the Budget had hiked import duty of various products both by way of increase in basic custom duty rate and withdrawal of earlier exemption from basic custom duty and social welfare surcharge.

    As per two industry executives aware of the plans, over 5,000 employees and associates of Apple in India will be largely working from home. Apple has four sales offices in India located at Mumbai, Bengaluru, Hyderabad and Gurgaon.

    Foxconn, also known as Hon Hai Precision Industry Co., is suspending operations until April 14, it told Bloomberg News. It intends to resume India production based on further government announcements. A Wistron representative said the company is also adhering to the order, while declining to comment on exactly what products are affected.

    Worldwide semiconductor revenue totalled USD 418.3 billion in 2019, down 11.9 per cent from the previous calendar year, according to preliminary results by Gartner, Inc.

    Indian Cellular & Electronics Association, which has Apple, Foxconn, Xiaomi and Flextronics among its members, has flagged subsidy for machinery & equipment, cost of power, incentive for supporting industry, labour subsidy, logistics and reduction of land rentals as other disabilities India faces in comparison to rivals such as Vietnam.

    Apple currently sells its devices through third-party reseller outlets like Amazon, Flipkart and Paytm Mall. Apple plans to sell its devices through its own website starting the later half of this year and will build a physical store, most likely in Mumbai, next year.

    Apple Inc said late on Friday it will close all its retail stores outside Greater China until March 27, to minimize risk of coronavirus transmission.

    Apple CEO Tim Cook has announced that the company will open its first retail store in India in 2021. Apple doesn't have an outlet in India, ...

    OnePlus India general manager Vikas Agarwal said OnePlus is investing around Rs 1,000 crore in its R&D facility which is operational in Hyderabad. The company at present has 400 people in the Indian operation which will go up to 1500 people over the next three years. OnePlus at present has 30 brand stores in India in 15 cities.

    Speaking to investors at the annual shareholder meeting at Apple Park in Cupertino, California on Wednesday, Cook confirmed the company will open its first offline retail outlet in the world's second biggest smartphone market next year.

    According to analyst Ming-Chi Kuo , the purported iPhone will be launched in the second half of 2021 and offers a completely wireless experience, without any USB-C port either. The wireless version is likely to be the highest-end model, MacRumours reports. Kuo also predicted that Apple will also launch a possible 'iPhone SE 2 Plus'.

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