LED/LCD TV Monitor Fields GST Impact: Hurry! TV, Fridge, AC, May Get Expensive
- Jul 04, 2017-
Days of discounts are gone! Now be ready to shell out more for consumer durables like television, air conditioners and fridges. According to reports, the prices will not go up astronomically as festival season is on and almost 35% of total sale of consumer durables happen in the festive season. But, many companies are thinking of increasing the price, whereas some companies are thinking of bearing the additional burden.
The result of the expected price hike is that 28% GST is levied on consumer durables. Earlier, the taxes were 25-27%. Business head of Godrej Appliances, Kamal Nandi, told Dainik Bhaskar that prices can be increased by 1-2%, which may diminish demand. However, due to the festive season, the demand can be created. Many other business honchos told the newspaper that to spur the growth of sales, the companies might decide to bear the burden of the additional tax.
Meanwhile, prices of FMCG products will go down. The Hindustan Unilever has already decreased the price of its Rin Bar from Rs 18 to Rs 15. Many other products can see a price cut.
Prices of cars and bikes are slated to increase. However, to spur sales, companies are still giving discounts to attract consumers.