In a move that brings good news to consumers, prices of various electronic items such as smartphones, TVs, refrigerators, and washing machines have taken a dip starting today.
The government has implemented a reduction in the Goods and Services Tax (GST) applied to these products, resulting in a significant cost reduction for buyers.
Previously, customers had to bear a hefty 31.3% GST burden when purchasing these items.
However, the government has nearly halved the GST rate on all electronic products, making it more economical for consumers to acquire them.
The recent decision by the government to lower the GST on electronic devices has brought smiles to the faces of common people.
Previously, these items were subject to GST rates of up to 31.3%.
However, the Finance Ministry recently announced through Twitter that the GST on home appliances and electronic products would be reduced from 18% to 12%, making them more affordable for consumers.
This exemption is applicable to a wide range of products, including washing machines, mobile phones, refrigerators, home appliances, UPS, and more.
Here is a comprehensive list of items that will witness a price reduction due to the revised GST rates:
TV Purchases Become More Affordable:
The government has reduced the GST on TVs with screen sizes of 27 inches or smaller from 31.3% to 18%.
However, it’s important to note that most smart TVs on the market have screen sizes of 32 inches or larger, which still attract the higher GST rate.
Therefore, those interested in smaller TVs can take advantage of the price reduction, while those seeking larger TVs will have to pay the previous GST rate.
Mobile Phones Get Cheaper:
Customers will now experience a reduced GST on mobile phones, making them more cost-effective.
Previously, a mobile phone purchase incurred a 31.3% GST charge.
However, this has now been lowered to 12%, enabling mobile phone companies to reduce the overall cost of their devices.
Affordable Home Appliances:
In addition to refrigerators and washing machines, other home appliances such as fans, coolers, geysers, mixers, juicers, vacuum cleaners, LEDs, vacuum flasks, and vacuum utensils will also witness a price drop.
The GST rate on these items has been reduced from 31.3% to 18%, resulting in a substantial decrease of up to 12% in their prices.
LEDs, specifically, will now attract a reduced GST rate of 12%, down from the previous 15%.
With the government’s decision to slash GST rates on electronic devices, consumers can now look forward to purchasing their desired gadgets and appliances at more affordable prices.