Budget 2024: Imported phones may become cheaper on 5% customs duty cut

The cost of imported high-end smartphones will come down by 5.0-5.5% if brands pass on the benefit of the reduced customs duty to consumers, experts said. India is estimated to import around $1 billion worth of high-end phones a year, with 98% of those coming from China. To be sure, the customs duty cut would not affect prices of locally made devices.