Home   »   Economy and Finance   »   Government of India reduces GST rate...

Government of India reduces GST rate on electronics item

The Union Finance Ministry recently announced a reduction in the Goods and Services Tax (GST) for electronic items on the sixth anniversary of the GST implementation on July 1. The list of electronic products includes mobile phones, TVs up to 27 inches, refrigerators, washing machines, and others. With the aim of making home appliances more affordable, the Finance Ministry has lowered the GST rates for various items. Refrigerators, washing machines, fans, coolers, geysers, and similar products will now be subject to a reduced GST rate of 18 percent, previously being at 31.3 percent.

In addition, there have been reductions in GST rates for various other household items. Products such as mixers, juicers, vacuum cleaners, LEDs, vacuum flasks, and vacuum utensils have also witnessed a decrease in their GST rates. The GST rate for mixers, juicers, and similar items has been lowered from 31.3 percent to 18 percent, while LEDs now have a reduced GST rate of 12 percent, previously being at 15 percent.

Item  Earlier  Now
TV upto 27 inches 31.3% 18%
Refrigerators 31.3% 18%
Washing machine 31.3% 18%
Mixers, Juicers, Vacuum cleaners,, 31.3% 18%
Fans, coolers, geysers 31.3% 18%
LPG stove 21% 18%
LEDs 15% 12%
Sewing Machine 16% 12%
Static Converter UPS 28% 18%
Kerosene Pressure Lantern 8% 5%
Vacuum flasks, and vacuum Vessels 28% 18%
Mobile Phones 31.3% 12%

About June GST collections

In June, the total GST revenue collected experienced a minimal increase of 2.80 percent, reaching Rs 1,61,497 crore, as compared to the collection of Rs 1,57,090 crore in May. The GST collected in June comprised Rs 31,013 crore under CGST, Rs 38,292 crore under SGST, Rs 80,292 crore under IGST (which includes Rs 39,035 crore collected on imported goods), and Rs 11,900 crore under cess (including Rs 1,028 crore collected on imported goods). From the IGST amount, the government settled Rs 36,224 crore for CGST and Rs 30,269 crore for SGST.

Find More News on Economy Here

Government of India reduces GST rate on electronics item_40.1

Government of India reduces GST rate on electronics item_50.1