Tech Companies Promise to Pass GST Rate Cut Benefits to Consumers
Welcoming the authorities's decision to slash Appurtenances and Services Revenue enhancement (GST) rates on over 50 items including refrigerators, washing machines and pocket-size televisions, several consumer electronics companies, including Samsung, take promised that they volition pass on the full benefits to the consumers. The new prices volition be applicable from July 27, Samsung India said in statement.
"Samsung is a consumer-centric company. We are happy to extend total benefits, that is 7.81+ per cent of GST rate reduction to all our consumers," said Rajeev Bhutani, Senior Vice President, Consumer Electronics, Samsung India.
"We believe it will fuel the demand for consumer electronics products at present and in the ensuing festival season," Bhutani said. GST Quango last calendar week decided that over 50 items should exist taxed at 18 per cent, downward from the electric current 28 per cent. The decision could as well boost India's mobile phone industry as lithium-ion batteries is among the items listed for tax reduction.
"The reduction of GST slab on lithium-ion batteries used in mobile phones from 28 per cent to eighteen per cent volition certainly testify equally a good boost to the mobile phone industry as information technology would improve the penetration and affordability of the production in smaller towns beyond the country," said Sudhir Kumar, CEO of domestic smartphone house Tambo Mobile. Domestic consumer electronic brand Intex Technologies too welcomed the move.
"The motility by the government to cut GST in product segments like televisions (beneath 68 cm), washing machines, refrigerators and even powerbanks from 28 per cent to 18 per cent is indeed a very welcome and much awaited move," said Nidhi Markanday, Director, Intex Technologies.
"The rate cut volition benefit consumer durable companies like us to pass on the benefit to the consumers for the upcoming festive season. This move brings cheer to both consumers and players like us. We volition definitely re-piece of work the pricing and announce the price driblet it well in fourth dimension for the festive flavour," Markanday said.
Source: https://beebom.com/tech-companies-promise-gst-rate-cut-consumers/
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