Ahead of Christmas Eve and New Year celebrations, the GST Council on Saturday announced that it will be reducing tax rates on 23 items including TVs, monitors, power banks, gaming consoles, and more such electronic items. The GST Council also announced the reduction in movie tickets, pulleys, transmission shafts and cranks, gearboxes, used tyres, and more items. The good thing for gadgets industry is a lot of electronic products have seen the tax reduction which will mean that TVs and display panels of up to 32-inches will get cheaper.
According to the list of products that will receive tax cut include power banks of lithium-ion batteries, digital cameras, video camera recorders, and video game consoles.
According to Finance Minister Arun Jaitley, the reduced tax rates are likely to come into effect from January 1, 2019. The decision was taken after the 31st meeting of Goods and Services Tax (GST) Council in New Delhi.
Electronic products that could get cheaper after GST rate cut:
Monitors and TVs: GST Council cleared that monitors and TVs of up to 32-inches screen size will now attract 18 percent GST rate instead of 28 percent as earlier.
Power Banks: The goods on which GST has been lowered to 18 percent from 28 percent also include power banks of lithium-ion batteries. This may mean that popular power banks ranging from 10000mAh to 20000mAh battery capacity may see the price reduction.
Video camera recorders: The GST Council on Saturday also reduced tax rates on video camera recorders.
Video game consoles: For video game lovers, the GST Council had good news just ahead of New Year. The video game consoles are also included in the goods on which GST has been lowered to 18 percent from 28 percent at present.