The Government of India’s Ministry of Finance has recently made an encouraging announcement for individuals seeking to enhance their home appliances. On the occasion of the sixth anniversary of the Goods and Services Tax (GST) system on July 1, the government declared a decrease in tax rates for electronic devices like mobile phones, televisions (up to 27 inches), refrigerators, and other similar items.
According to the information shared on the official Twitter handle (@FinMinindia) in a graphic, customers will now be required to pay a reduced Goods and Services Tax (GST) rate. The revised rates range from 5 percent to 18 percent, depending on the specific item purchased. This represents a decrease from the previous range of 8 percent to 31.3 percent.
Here’s what gets cheaper after GST Rate Cuts
1- Mobile Phones
In a significant move on the sixth anniversary of GST, the Government of India announced that the new GST rate on smartphones is 12 percent in comparison to 31.3 percent which used to be applied before 1st July.
2- TVs
For those who are looking to purchase TVs of up to 27 inches, there is good news as the GST has been brought down to 25 percent. However, if you are purchasing a TV in excess of 27 inches then you would have to pay 31.3 percent GST.
Also read: How to File Income Tax Return Online in 2023
3- Refrigerators, Washing Machines, and other Electronics Get Cheaper
Various electrical appliances, including refrigerators, washing machines, geysers, fans, stoves, coolers, mixers, juicers, vacuum cleaners and other similar products, will now have a GST rate of 18 percent.
4- No GST on Rent Paid in Personal Capacity on Residential Dwelling
No GST is payable where the residential dwelling is rented to a registered person, if it is rented in his/her personal capacity for use as his/her own residence and on his own account and not on his business account.