A significant change has occurred with the implementation of the new GST rates on September 22nd, offering immediate financial relief to the public. The reduction in the GST on televisions from 28% to 18% has triggered price adjustments by TV manufacturers, with discounts reaching up to ₹85,000 on Smart TV models. This price cut allows consumers to directly benefit from the GST reduction.
Sony India, LG Electronics India, and Panasonic have all responded to the GST changes. Sony India has reduced the prices of their Bravia TV models across a range of sizes, from 43 inches to 98 inches, with price drops varying between ₹5,000 and ₹71,000. For example, the 43-inch Bravia 2 saw a price reduction from ₹59,900 to ₹54,900, and the 55-inch Bravia 7 decreased from ₹2.30 lakh to ₹2.50 lakh. The 98-inch Bravia 5, a top-end model, now costs ₹8.29 lakh, a decrease from the previous price of ₹9 lakh.
LG Electronics India announced price cuts of ₹2,500 to ₹85,800 on its Smart TVs ranging from 43 inches to 100 inches. A 43-inch model was reduced from ₹30,990 to ₹28,490. Moreover, 55-inch and 65-inch models have also seen price reductions of ₹3,400 each, now priced at ₹42,990 and ₹68,490 respectively.
Panasonic also adjusted its prices, with reductions between ₹3,000 and ₹32,000 on its TV models. The price of 43-inch TVs has been reduced by ₹3,000 to ₹4,700. Under the new GST rates, the company’s 43-inch models will be sold at lower MRPs. Panasonic’s 55-inch models now range from ₹65,990 to ₹76,990, with a ₹7,000 reduction. In addition, the MRP of the 75-inch top model from Panasonic Life Solutions India decreased from ₹4 lakh to ₹3.68 lakh, and the 65-inch model saw a price reduction from ₹3.20 lakh to ₹2.94 lakh.
TV manufacturers are optimistic that the price cuts will increase sales during the festive season. They expect to see increased sales not only for TVs but also for related products like soundbars and party speakers.