The day of September 22nd is significant for consumers as the new GST rates came into effect across the country. This implementation provides substantial relief to the public. The government reduced the GST on televisions from 28% to 18%, prompting TV manufacturers to cut prices on Smart TV models, with reductions ranging from ₹2,500 to ₹85,000. This price reduction by TV companies directly benefits consumers due to the GST cut.
LG, Panasonic, and Sony have all adjusted prices. Sony India reduced the Maximum Retail Price (MRP) of Bravia TV models from 43 inches to 98 inches, with reductions ranging from ₹5,000 to ₹71,000. The company previously decreased the price of the 43-inch Bravia 2 from ₹59,900 to ₹54,900 and the 55-inch Bravia 7 from ₹2.30 lakh to ₹2.50 lakh. Moreover, the top-end 98-inch Bravia 5’s price is now ₹8.29 lakh, down from ₹9 lakh after the new GST rates were implemented.
LG Electronics India announced price cuts on Smart TVs ranging from 43 inches to 100 inches, with reductions between ₹2,500 and ₹85,800. LG previously reduced the MRP of a 43-inch model from ₹30,990 to ₹28,490. The prices of 55-inch and 65-inch models were cut by ₹3,400, resulting in prices of ₹42,990 and ₹68,490, respectively.
Panasonic reduced the MRP of TV models by ₹3,000 to ₹32,000. The prices of 43-inch TVs were reduced by ₹3,000 to ₹4,700. Previously, the MRPs were ₹36,990, ₹49,990, and ₹58,990, but after the new GST rates, the company will sell 43-inch models at ₹33,990, ₹45,990, and ₹54,290 (MRP). The prices of Panasonic’s 55-inch models are now between ₹65,990 and ₹76,990, a reduction of ₹7,000. The MRP of Panasonic Life Solutions India’s 75-inch top model was also reduced from ₹4 lakh to ₹3.68 lakh, and the 65-inch model’s MRP was reduced from ₹3.20 lakh to ₹2.94 lakh.
TV manufacturers anticipate a boost in sales due to the price reductions during the upcoming festive season, starting with the first day of Navratri. Manufacturers also expect increased sales of products like sound bars and party speakers, not just televisions.