Hike on Smartphone Prices
How & Why Hikes in GST rates affects Price of Smartphones?
1. About The Hike in GST Rates
In budget 2020, Hike on GST rates on Some Products includes Mobile Phones also and The Decision was taken by the GST Council. Now the GST rate on Mobile Phones increases by 50% that means now the GST rates on Mobile Phones is Now 18%, earlier it was 12% that’s affect prices from 1 April. The GST Council Meeting was chaired by our FM.
2. Why GST rates was Increased?
Union Finance Minister Nirmala Sitharaman said, “The decision was taken not to increase the prices but to correct the inverted structure of duty on some products wherein the rate of tax paid on inputs purchased is more than the rate of tax on finished products on outward supplies.”
3. How & How much it affects the Smartphones Prices?
As we know New GST rate is already applied, we can see the hike in the selling Prices on Smartphones. There is 5% to 10% Changes in SmartPhones prices. Commonly Smartphones under 7k-8k Rs. increases by 500 Rs. , Smartphones under 15k Rs. increased by 1k Rs. , under 15k-22k Rs. Increased by 2k Rs. and so on. ( The increased price may be different from Brand by Brand or Company By Company.
4. What Companies Says?
XIAOMI: Global VP at Xiaomi & MD of Xiaomi India Manu Kumar Jain Said:
POCO: General Manager Of POCO India C Manmohan & POCO India Said:
No other companies released their statement about the hike in smartphone prices but you can clearly see a price different as Compare to their old prices till now (1 April 2020).
5. What should You have to do now?
As we know the GST rate is increased So If you are going to buy a new Smartphone just keep in mind that the Smartphones prices are increased. So better choice is to wait till any Sale that organised by the companies, time to time. By purchasing any product in a sale you can save a decent amount on your orders using different offers. So consider to wait until any sale announcement that can save you a good amount.
6. Official Statement Released by Xiaomi & Poco: You Can Also Read This on Their Official Twitter Handle.
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Thanks For Reading
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