GST 2.0: The new GST rates fixed by the government have come into force from 22 September. These changes will directly affect the pockets of consumers as now the prices of many domestic electronic products and appliances will be reduced before. The government had recently decided to cut Goods and Service Tax, which will make everyday goods and economicals.
Electronic and home appliances become cheap
Now big household appliances like AC, TV and refrigerator used to first get 28% GST which has been reduced to 18%. This change will save customers from 8% to 10%. Many companies have already announced to reduce their prices. It is estimated that the prices of products like AC and TV can be seen to be reduced by up to Rs 10,000. Apart from this, the prices of mobile charger such as accessories, mixer-grinders, microwaves, vacuum cleaners and air coolers will also be reduced already.
How much will be saved?
Consumers will get real savings with new rates. For example, if earlier 1-ton AC used to come for Rs 30,000, then it was taxed at Rs 28% GST i.e. Rs 8,400. Now the same AC will be taxed at Rs 5,400 with 18% GST, which will save Rs 3,000.
Similarly, GST has been reduced from 28% to 18% on LCD and LED TV from 32 inches. If a TV is worth Rs 20,000, then earlier it had to pay a tax of Rs 5,600, whereas now it has come down to Rs 3,600. That is, a savings of Rs 2,000. The prices of dishwashers have also been affected. The machine of Rs 10,000 had to pay a tax of Rs 2,800 earlier, which has now been reduced to Rs 1,800. In this way a savings of Rs 1,000 is possible.
Relief on other products also
The GST Council has also reduced the tax from 28% to 18% on devices like monitor and projector. This will also reduce their prices significantly. Overall, after the implementation of the new rates, consumers will get a big benefit on purchasing domestic electronic goods and the festive season can be seen in the market.
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