CONSUMER ELECTRONIC MANUFACTURER WANTS GST CUT TO 18-12%
Manufacturers of consumer electric goods have expectations from the budget and they are demanding to lower the GST rates on all consumer electronic items such as large screen television, air conditioners and refrigerators to 18-12 %. They want this to be happen because these items are are no longer luxries but necessity for the consumer.
Demand from this sector can be increased if the GST rates get cut so that the benefit could be taken by consumers. Also the firms are seeking exemtions on custom duty on imported TVs to revive the struggling market.
Even the managing direvtor of SONY India Mr. Sunil Nayyar said that he is hopping that goverment will do something related to this as he said that this thing is in his wish list. He is even further stated that lower GST rates will ultimately be helpful for goverment for revenue because due to lowering the GST rates more and more people will buy the products. Its beneficial for manufacturer as well as for goverment. At lats he siad that its upto the goverment how the take things.
At present the GST on TVs with 32 inch screen attract 28% GST while with TVs whose sizes are less than 32 ich comes under 18% GST. Since last year there has been a flat growth and thus industry people are seeking policies that push the demand in the sector. Even president and CEO of panasonic India Mr. Manish Sharma stated that he urges the goverment to lower the GST rates for efficient products like air conditioners and refrigerators with rating of 4 star and above should come under 12% slab. He further stated that his expectations are from Union Budget 2019 to improve consumption and demand of consumer. He even told that it is important to make these goods affordable to consumers so that the demand could also get increased. Lowering the GST rates not only benefit the goveremnt and industry as well deduction of GST should be done said by president of CEAMA and business head and EVP, Godrej appliance Kamal Mandi.