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You will get relief from expensive mobile devices, televisions and refrigerators; the government made a great plan

Sagar Patel

By Sagar Patel

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You will get relief from expensive mobile devices, televisions and refrigerators; the government made a great plan

If you were planning to buy a smartphone or other home appliances including smart TVs, refrigerators and air conditioners for your home, then there is good news for you. The government has come up with a brilliant plan to provide relief to the general public from inflation. Now people don’t need to spend a lot of money to buy TV, refrigerator or mobile phone. In fact, the Finance Ministry has decided to reduce tax rates for household products and mobile phones covered under GST. With this, people will get relief from inflation by buying mobile phones, televisions and refrigerators.

Seven years of GST completed

As a new indirect tax system, GST turned seven years old on Monday. Around 17 local taxes and fees were included in the GST and it was implemented on July 1, 2017. The theme of the 7th GST Day is “Strong Trade, Overall Development”.

The ministry wrote on the social media platform. The GST taxpayer base was 1.05 crore till April 2018, which increased to 1.46 crore by April 2024.

Central Board of Indirect Taxes (CBIC) Chairman Sanjay Kumar Aggarwal told news agency PTI, “We have seen a huge jump in the taxpayer base along with improved compliance.” Giving a comparative table of pre-GST and post-GST tax rates on household items, the ministry said GST has made life easier.

less was spent on these

The ministry said that after the implementation of GST, expenditure on food and FMCG items has come down across all households. Before the implementation of GST, a tax of 2.5 to 4 per cent was levied on food items like wheat, rice, curd and unpackaged lassi, while after the implementation of GST, the tax was reduced to zero.

Household items such as cosmetics, wrist watches, plastic sanitary ware, doors and windows, furniture and mattresses are taxed at the rate of 18 per cent under the GST system, while earlier the tax was 28 per cent under the excise and VAT system.

Reduced GST on these products

The ministry said earlier the tax on mobile phones, televisions up to 32 inches, refrigerators, washing machines, home appliances (except air conditioners), geysers and fans was 31.3 per cent, which was reduced to 18 per cent under the scheme. of GST.

The Finance Ministry said the compliance burden for small taxpayers has been reduced. The GST Council has recommended doing away with the need to file annual returns for taxpayers with an annual turnover of up to Rs 2 crore in the financial year 2023-24.

Sagar Patel

Sagar Patel

I am Sagar Patel, specializing in business news reporting. With a keen focus on economic trends, market analysis, and corporate developments,

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