GST Relief on Household Appliances, Mobiles, Medical Supplies, & Daily Consumables
As a result, buyers will no longer be required to pay the previous 31.3% GST for these products. The revised tax rates following the implementation of GST encompass a wide range of goods and services, including televisions up to 27 inches, refrigerators, washing machines, electrical appliances, geysers, fans, coolers, and mobile phones, among others.
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GST Relief on Household Appliances, Mobiles, Medical Supplies, & Daily Consumables
With the upcoming completion of six years since the introduction of GST on July 1, the government has released a compilation of items and services that have become more affordable since 2017. Notably, the government has lowered the GST rates for the purchase of electronic items, alleviating the burden on consumers.
As a result, buyers will no longer be required to pay the previous 31.3% GST for these products. The revised tax rates following the implementation of GST encompass a wide range of goods and services, including televisions up to 27 inches, refrigerators, washing machines, electrical appliances, geysers, fans, coolers, and mobile phones, among others.
List of Appliances That Got Cheaper
The government has implemented significant reductions in GST rates for various consumer goods, resulting in lower prices for customers. Specifically, televisions with a screen size of 27 inches or less will now be more affordable, as the GST has been reduced from 31.3% to 18% for these products.
Moreover, mobile phones will also witness a decrease in prices, as the government has lowered the GST rate on them to 12%, providing relief to customers.
In addition to televisions and mobile phones, home appliances such as refrigerators, washing machines, fans, coolers, and geysers will also become cheaper. The GST rate on these appliances has been slashed to 18 percent, making them more accessible to consumers.
Furthermore, Different types of household appliances, including mixers, juicers, vacuum cleaners, LEDs, & utensils, have also got a reduction in GST. Mixers, juicers, and similar appliances now carry an 18% GST, while the GST on LEDs has been lowered from 15% to 12%, contributing to their decreased prices in the market.
The GST revenue back in 2017 used to be Rs 85,000-95,000 crore and now it’s been increased to Rs. 1.5 Lakhs Crore. The highest was counted in April 2023 which was Rs. 1.87 Lakhs Crore.
Also Read: Overview of Section 234F- Penalty For Late Filing of Income Tax Return
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Krishna Gopal Varshney
An editor at MyitronlinenewsKrishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.