Guitar, piano prices may drop as duty removed on musical instruments

The government has taken several initiatives in the 2026-27 fiscal year budget to build a globally competitive 'creative economy' by harnessing the talent and creativity of the country's younger generation.

The existing 5 per cent regulatory duty on the import of various musical instruments, including guitars, pianos and violins, as well as their necessary spare parts, has been withdrawn to improve the quality of music in digital media. This move is likely to reduce the prices of these musical instruments.

The 15 per cent value-added tax (VAT) imposed on the services of social media content creators and freelancers has been withdrawn. Many have now taken up content creation as a profession, and this exemption will bring significant relief to them.

To raise the technical quality of film and creative media to international standards, the customs duty on the import of cinematographic cameras and projector spare parts has been reduced from 15 per cent to 5 per cent.