Many people throughout the nation think about whether the cost of electronic products increased after the GST introduced in July 1, 2017 in India. The GST Council has cleared the framework rules to drop light on finer details associated with price of different goods and services soon after the Lok Sabha approved the Goods and Services Tax.
The new GST Regime
The new proposed system merges several existing taxes into a single taxation system. This new centralized tax system replaces a wide range of indirect taxes applicable currently and eases the taxation process on the whole. There are many questions among budding buyers of electronics and home appliances about whether the new GST affects the price of any electronic item or not. Some people who have a specialization in the GST only understand the real impact of the new GST Regime in the electronics sector.
Digital India and also Make in India initiatives of the Government of India headed by Prime Minister Narendra Modi play the most important roles behind the reduction of cost of electronics in recent times. Home appliances and electronic gadgets like mobiles, laptops and tablets will be available at the most competitive prices. This is because these things may fall under the low tax slab in the new GST.
The GST rollout
The GST rollout will cut down unfair prices preferred by online retailers compared to local stores. GST will bring standard taxation and diminish the cost difference between offline and online. Sellers of goods and services in online can sell their things on online marketplaces as cheap as possible. This is because the tax standardization in the GST forms. The new GST will make transparent, healthy and competitive marketing environment required for both buyers and sellers. This is worthwhile to focus on several things and compare the cost of the same electronics in different stores before shopping in online or offline.