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05 April, 2020, 10:09 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.

iPhone makers suspend India production due to lockdown

Foxconn, also known as Hon Hai Precision Industry Co., is suspending operations until ...

​Apple now lets you hoard iPhones

  • 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.

    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, ...

    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.

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

    2019 saw the fastest rollout of Apple’s new iPhones (11 series) in India, with aggressive pricing and a good channel strategy. The new series especially iPhone 11 was introduced at a lower price point than the last year's iPhone XR launch. This has helped to gain share during the festive season and in its launch quarter in India.

    Apple India logged double-digit rise in iPhone sales and witnessed strong demand for iPads in Dec quarter.

    “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.

    Co needs more time to finish back-end work and wants the roll out to coincide with launch of new iPhones, say industry executives

    Counterpoint Research estimates iPhone shipments to have grown 6% in 2019, though on a smaller base after a 43% decline the year before. For the October-December quarter, it is estimating the growth to be 41%, more than double the pace of the premium smartphone market where it said the expansion was slower than the full year average of 20%.

    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'.

    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.

    Chinese phone makers Xiaomi, Oppo and Realme have launched their financial services apps called Mi Credit, Oppo Kash and Realme Paysa to offer small ticket loans to SMEs, credit score analysis and insurance cover.

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