LG increases TV prices after GST; refrigerators, microwave oven prices may shoot up too

BT Online   New Delhi     Last Updated: July 4, 2017  | 11:54 IST
LG increases TV prices after GST; refrigerators, microwave oven prices may shoot up too

Consumers will now have to pay more to purchase a TV set or related appliance as manufacturers have already begun to raise prices to account for GST.

A week leading to the GST roll-out saw sharp discounts and offers on high-end, lavish television sets which are now up by at least 2 per cent (Delhi/NCR region).

Electronic multinational company LG was among the first consumer retailers to hike TV prices. Dealer prices of their products  such as LG LED televisions, LG Smart LED sets to LG UHD LED sets shot up between 1.3 per cent to 7 per cent in the Western region, reported the Economic Times.

Another popular electronics MNC Panasonic reportedly said that prices of TVs, refrigerators and microwave ovens is expectedly to go up after decisions over the amounts are finalised.

ET quoted sources saying that this amount could be anywhere between 3-4 per cent.

On the contrary, electronics giant Samsung denied any hike in prices but sources have told the business newspaper that the Korean company has already increased prices of its white goods by 1-2 per cent well ahead of the GST roll-out.

Sony India is currently studying the implications of GST, its Head of Sales of Sony India, Satish Padmanabhan, told ET adding that they won't be revising any rates as of now.

Similarly, officials at Lenovo are trying to understand the GST impact and will make changes to the rates only if necessary.

In the pre-GST sale across stores last week, consumer appliances and durables were being sold at up to 50 per cent discount to consumers. As a result, footfalls across these stores were up by nearly 70 per cent.

Consumer goods have fallen under the 28 per cent tax slab of GST starting from July 1. This rate is higher than the previous rates set between 24-28 per cent.

 

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