As of today, September 22, new reduced GST rates have come into effect, making a wide range of electronic items and home appliances more affordable. The government recently approved a reduction in the Goods and Services Tax on numerous everyday items, which is expected to provide significant savings for consumers.
Lower prices for electronics and home appliances
Many household electronics, including air conditioners, televisions, and refrigerators, are now subject to an 18 per cent GST, down from the previous 28 per cent. This change is expected to help consumers save between 8 per cent and 10 per cent on these products. Some companies have already announced price drops following the new rates. The price of ACs and TVs, for example, could be reduced by up to Rs 10,000.
Beyond major appliances, the GST on mobile accessories like chargers has also been lowered, which will make them chea per. Additionally, the prices of other electronics such as mixer-grinders, microwaves, vacuum cleaners, and air coolers will also decrease.
How much will you save?
The reduced rates mean real savings. Here are a few examples of how the new GST rates will affect prices:
- Air Conditioner: Previously, a 1-ton AC priced at Rs 30,000 would have a 28 per cent GST of Rs 8,400. With the new 18 per cent rate, the tax is now Rs 5,400, saving you Rs 3,000.
- Television: The GST on LCD and LED TVs larger than 32 inches has been reduced from 28 per cent to 18 per cent. For a Rs 20,000 TV, the previous GST was Rs 5,600. Now, it's Rs 3,600, which saves you Rs 2,000.
- Dishwasher: A dishwasher costing Rs 10,000 previously had a 28 per cent GST of Rs 2,800. Under the new rate, the GST is Rs 1,800, which is a saving of Rs 1,000.
The GST Council also reduced the tax on other electronics like monitors and projectors from 28 per cent to 18 per cent, bringing similar savings.
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