Prices of ACs, larger TVs, dishwashers set to dip 8%
NEW DELHI/MUMBAI: Expect a bumper Diwali for consumers as plans to rationalise and reduce GST rates on ACs, televisions (above 32-inch) and dishwashers will see retail prices come down by as much as 7-8%, leading to price cuts from a few thousand rupees to over Rs 10,000 on premium products.
The industry said the decision, particularly around Diwali, will result in mega festive sales, something which will also help shrug off any negative sentiments flowing in due to geopolitical concerns, IT slowdown, or US tariffs.
The GST cut will easily be one of the steepest consumer price cuts in a segment that has been stagnating for years, especially as incomes of buyers in the entry categories never matched price increments.
'It will be a super Diwali this time around. Expect price cuts of up to 8% across categories,' Manish Sharma, chairman of Panasonic Life Solutions India and South Asia, told
TOI
. He said that most of the pre-festive sales are likely to shift towards Diwali as consumers will purchase as and when the cuts happen.
To Wipe Out Negative Sentiment
Currently, the categories of ACs, larger TVs and dishwashers are taxed at 28%, which is now likely to go down to 18% GST rate.
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Sunil Vachani, chairman of Dixon Technologies, which is the country's biggest contract manufacturer, said that the measure will help generate demand and will specially encourage the transition to bigger TVs and other premium products.
'The industry expects that demand for TVs with sizes upwards of 40 inches will go up significantly, which will lead to premiumisation of the category. Also, categories such as ACs and dishwashers still have lower penetration and should get a boost by price cuts as GST rates come down,' Vachani said.
Sources said that companies such as Samsung, LG, and Sony have started to ramp up production, specially of premium variants, in view of the expected cut in GST rates.
'With rising temperatures, cooling appliances like ACs are no longer a luxury and have become a necessity. However, the AC penetration levels in India is still low at 910%.GST reduction on ACs can help make it more affordable for the masses and improve the quality of life for many Indians,' said Kamal Nandi, business head (appliances business) at Godrej Enterprises Group.
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