In India today, September 22, a new tax slab, GST 2.0, is being implemented. On September 3, the GST Council meeting announced the implementation of two GST rates – 5% and 18%. 12% and 28% rates have been removed from the GST list. Instead, 40% of the third GST rate has been announced. This tax will be linked to luxury goods. Also, many items in the daily use needed for the general public have been taxed.
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This new tax slab implemented by the government will have the highest impact on electronic products. The government has reduced GST rates on many electronic products to provide relief to the common people. Therefore, prices of goods like TV, washing machines, fridges and kitchen appliances have become more cheaper than ever. Experts say that this decision taken before the festival can help to increase sales in the market and provide great relief to the customers. (Photo courtesy – pintterest)
Many electronic products that previously come into the slab of 28% have now been included in the slab of 18%. These include television, washing machine, refrigerator, vacuum cleaner and cooler. The prices of these items have dropped by 8 to 10 percent due to a reduction in tax rate.
After the GST rate is cut, the prices of mixer-grinder, juser, microwave and many kitchen appliances have also decreased somewhat. In addition, mobile chargers and other mobile accessories will also be available at a low cost. The decision taken by the government is going to benefit the general consumer.
After the new rate is implemented, the 32 -inch TV will have to pay 18 percent GST. So now the TVs of brands like Xiaomi, Samsung and LG can also be purchased at low cost. Not only that, TV prices with 43 inches or more screens have also decreased.
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New rates will have any effect on mobile and laptops. The purchase of these gadgets will be charged 18 percent as before. The reason for this is that mobiles and laptop manufacturing companies are already taking advantage of the Production Linked International (PLI) scheme. However, after the import duty adjustment, it was kept in 18% tax slab. It can now be a proposal to lose tax on it.
