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of <h1>Finance Bill 2022: Gradual Duty Increases on Electronic Components to Boost Local Manufacturing Under Phased Manufacturing Program.</h1> The Finance Bill 2022 outlines changes in basic customs duty rates under the Phased Manufacturing Program (PMP) for specific electronic goods, including wrist wearable devices, hearable devices, and smart meters. For wrist wearables, duties on components like printed circuit board assemblies and batteries will increase gradually from 2023-2026. Hearable devices will see similar phased increases in duties on parts such as USB cables and speaker assemblies. Smart meters will experience rising duties on components like assembled PCBs and communication modules. These changes aim to encourage local manufacturing, with IGCR conditions applicable to certain items.
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