Phones manufacturers increases price of smartphones - GST Council 2020
Xiaomi, Realme, Oppo and other manufacturers increases smartphone prices Smartphone makers increases smartphone prices due to increase in GST on smartphones. GST on smartphones is changed from 12% to 18%. GST Council - 14th March 2020 Government Service Tax is increased on Footwear, Textile, Fertilizer, mobile phones and many other products. This decision had been taken by GST ministers in council held on 14th March, 2020. This decision was taken by minsters to overcome and rationalize the loss for the manufacturers. Actually the manufacturers has to pay 5% to 12% tax in finished products and 18% to 28% tax rate on Input and raw materials required in manufacturing these products. So to overcome such a difference and rationalize the tax for manufacturers the government increases GST on them. The effect on phone prices The smartphone prices increases by Rs. 700 to Rs. 5000 depending upon their MRP. This could be proved to be a great loss to consumers ...