Prices of Godrej refrigerators, washing machines,
microwave ovens and chest freezers slashed by GST reduction of 10%
Jammu, July 27:
Prices of Godrej Appliances’ refrigerators, washing machines, microwave ovens
and chest freezers will be reduced today, in response tothe recent downward revision of GST
rates on these appliances from 28 – 18%. Godrej Appliances, one
of India's leading players in the Home Appliances segment, will be passing on the full
benefit of the 10% reduction in GST with immediate effect providing an
increased impetus to the upcoming festive sales. The new prices, coupled with
festive consumer offers, good monsoon and revision of the 7th pay
commission, will provide a major fillip to festive sales growth to the tune of
approximately 12-15%.
Mr. Kamal Nandi, Business Head and EVP
– Godrej Appliances said, “We welcome the decision by the GST
Council to reduce the tax rates on refrigerators, washing machines, microwave
ovens and chest freezers to 18%. It comes as a great relief to the appliances
industry in these sluggish times. With changing lifestyles, home appliances are
increasingly seen as a necessity. The revision will make refrigerators, washing
machines, microwave ovens and chest freezers more affordable which will
accelerate the penetration of these appliances thereby raising the standard of
living of people across India. This increase in demand will also spur
production of appliances and positively impact the nation’s GDP.
We will be passing on the full
benefit of this much awaited revision in GST rate to our customers. The prices
of our refrigerators, washing machines, microwave ovens and chest freezers will
be reduced by 10% GST reduction, providing a boost to sales ahead of the
upcoming festive season, that help Godrej Appliances surpass our target of 20%
growth over the previous year.”
Mr. Nandi further added, “It is
unfortunate that air conditioners are amongst the 35 goods still left in the
28% bracket. If not all air conditioners, we expected that the energy efficient
AC i.e. ACs with 4 star and 5 star energy rating, to be considered for
reduction in GST rate, given that the Government and industry are jointly
driving reduction in energy consumption under the BEE energy labelling program.
Going forward, we are hopeful of revision in the tax for air conditioners,
boosting its penetration which is currently a mere 3.6%.”
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