GST Council has set the rate for consumer durables at 28% against the current tax rate of 23%. The prices of consumer electronics and durables such as TVs, air conditioners, refrigerators, washing machines are set to become costlier which will hit the pockets of consumers pretty hard.
It is being predicted that the sales of consumer electronics will be negatively impacted during July-August. However, it is hoped that the sales will recover once the festive season hits. Though, it’s not all bleak, prices for consumers living in Mumbai will fall as consumer goods attract an octroi of 5%.