In good news, the Union Finance Ministry recently announced that the government has reduced Goods and Services Tax (GST) on the purchase of electronic items on the sixth anniversary of the GST implementation on July 1. The list of electronic items includes mobile phones, TVs up to 27 inches, refrigerators, washing machines, and more.
With reduced taxes, #GST brings happiness to every home: Relief through #GST on household appliances and mobile phones ????????️#6YearsofGST #TaxReforms#GSTforGrowth pic.twitter.com/LgjGQMbw6e— PIB India (@PIB_India) June 30, 2023
Previously, customers had to pay 31.3 percent GST when purchasing a mobile phone. Now, the government has lowered the GST rate to 12 per cent. As a result, mobile phone companies can reduce the prices of their phones, making them cheaper for consumers.
In addition, the government has also reduced the GST on TVs with a screen size of 27 inches or less. The GST rate has been lowered from 31.3 per cent to 18 per cent for these TVs. However, smart TVs have screen sizes of 32 inches or more, which still attract a GST rate of 31.3 per cent.
Additionally, other household items including mixers, juicers, vacuum cleaners, LEDs, vacuum flasks, and vacuum utensils have also seen a reduction in GST rates. The GST rate on mixers, juicers, and similar items has been decreased from 31.3 per cent to 18 percent, while LEDs now have a reduced GST rate of 12 percent, down from the earlier 15 per cent.
Meanwhile, IANS reported that the gross GST revenue collected in June witnessed a meagre 2.80 per cent rise to Rs 1,61,497 crore, compared to Rs 1,57,090 crore collected in May. Out of the GST collected in June, CGST was Rs 31,013 crore, SGST was Rs 38,292 crore, IGST was Rs 80,292 crore (including Rs 39,035 crore collected on import of goods) and cess Rs 11,900 crore (including Rs 1,028 crore collected on import of goods). The government has settled Rs 36,224 crore to CGST and Rs 30,269 crore to SGST from IGST.
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