What is GST and how it will affect Pricing of Electronics
Here’s a look at electronic products that are set to get cheaper, and ones that will be dearer after GST is implemented. The Goods and Services Tax or GST is scheduled to be launched on the 1st of July, and it is set to revolutionize the way we do our taxes. GST impact on consumer electronics Smartphones With all the indirect taxes, a tax of around 13.5 percent is currently levied on smartphones, but with GST, it will come down to 12 percent. This will make smartphones a bit cheaper than they are right now. Don’t expect a drastic fall, but some marginal fall will be there. The components used for making smartphones are also categorized in the 12 percent price bracket. If government decides to give further incentives and relaxation for ‘Make in India’ products, the cost can come down a bit more. So, if they are made in India, they are likely to get even cheaper. The GST rollout is also likely to cut down on unfair pricing practices by online retailers compared to br...