The implementation of GST 2.0 on September 22nd has brought a significant change to the market, particularly benefiting consumers. With the reduction in the Goods and Services Tax on televisions from 28% to 18%, TV manufacturers have reduced prices on Smart TV models, with savings of up to ₹85,000 for consumers. This allows customers to gain the direct benefit of the GST reduction.
Sony India, LG Electronics India, and Panasonic have responded to the new tax rates. Sony India has adjusted the MRP of its Bravia TV models, with reductions varying from ₹5,000 to ₹71,000 across different screen sizes, from 43 inches to 98 inches. Previously, the 43-inch Bravia 2 was priced at ₹59,900 but now costs ₹54,900, and the 55-inch Bravia 7 is now priced at ₹2.50 lakh, down from ₹2.30 lakh. The high-end 98-inch Bravia 5 now costs ₹8.29 lakh, a drop from ₹9 lakh.
LG Electronics India has announced price cuts from ₹2,500 to ₹85,800 on its Smart TVs ranging from 43 inches to 100 inches. The 43-inch model now costs ₹28,490, down from ₹30,990. 55-inch and 65-inch models saw their prices reduced by ₹3,400 each, now priced at ₹42,990 and ₹68,490, respectively.
Panasonic also reduced prices on its TV models, with reductions between ₹3,000 and ₹32,000. Prices of 43-inch TVs have decreased by ₹3,000 to ₹4,700. Under the new GST, the 43-inch models will be available at a lower MRP. The price of Panasonic’s 55-inch models now ranges from ₹65,990 to ₹76,990, reflecting a decrease of ₹7,000. Furthermore, the 75-inch top model from Panasonic Life Solutions India has been reduced from ₹4 lakh to ₹3.68 lakh, and the 65-inch model has decreased from ₹3.20 lakh to ₹2.94 lakh.
TV manufacturers are optimistic about increased sales due to the price cuts, especially during the upcoming festive season. They also anticipate a rise in sales for associated products such as soundbars and party speakers.