India launches GST 2.0 today, introducing major changes to tax rates. After the GST Council's September 3rd meeting, the country now has two core GST rates: 5% and 18%. The previous 12% and 28% rates are gone. In their place, a new 40% GST applies to luxury goods, while many everyday items are now tax-free.
The new GST rates will be implemented nationwide from today. This will have the greatest impact on the electronics sector. Air conditioners, refrigerators, washing machines, dishwashers, and large-screen TVs, which were previously taxed at 28%, will now be taxed at 18%. Consequently, these items will become cheaper, making them more affordable for middle-class families.
Mobile phones and laptops will continue to be taxed at 18%. Therefore, those waiting for mobile phones and laptops to become cheaper will have to rely on seasonal offers.
New GST Slabs
5% - Everyday Items
18% - Standard Goods like Household Appliances and Electronics
40% - Luxury Items
Impact on Electronics and Household Items
Air conditioners and dishwashers are expected to see a price reduction of ₹3,500-4,500 per unit.
Refrigerator and washing machine prices are expected to fall by 8-9%.
Large screen (more than 32-inch) TV prices are also expected to fall significantly.
Mobile Phones and Laptops
The lower GST rates will not impact the prices of mobile phones and laptops. These items will remain under the 18% tax bracket as before. This is because mobile and laptop manufacturing companies are already benefiting from the Production Linked Incentive (PLI) scheme. However, after the import duty adjustment, these items were placed in the 18% tax slab. Reducing the tax on these items now could prove to be a loss-making proposition.
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