If you were looking to buy a refrigerator, washing machine, vacuum cleaner or a small-screen TV, now is the time: industry insiders say prices will fall to a two-year low after the biggest GST rate cut since November, that was announced last week.
Godrej, LG, Samsung and Panasonic have confirmed they will cut prices by 8-10% for various appliances.
Most companies are passing all benefits to customers
Godrej has said it will pass on "the entire benefit of GST reduction" to consumers, which means a cut of 7-8% on refrigerators and washing machines.
LG has acted similarly, affecting drops of 8-9%. For Panasonic, the drop will be between 7-8%.
Samsung has confirmed cuts of more than 7.81%.
The cuts vary as some dealers have also reduced dealer price, thus increasing the net cut.
Here's what it exactly means
If you are looking for exact numbers, here's what it means: the price of LG's 335-litre frost-free refrigerator will go down from Rs. 46,490 to Rs. 42,840 - an 8.5% drop - while a 6.2kg top-load washing machine will now cost 8.7% cheaper at Rs. 18,390.
Meanwhile, a Godrej 190-litre direct cool refrigerator will now cost Rs. 15,257 instead of Rs. 16,550 - a 7.8% cut.
Do you know?
Check price labels carefully before buying
Godrej Appliances Business Head Kamal Nandi has a word of warning: for the existing stock, companies will provide dealers labels mentioning the new MRP, which will then be stuck on the packaging. So if you are going shopping, check carefully for the latest prices.
These items are also getting cheaper
Apart from these, a host of items are getting cheaper after drastic cuts. GST has been reduced from 28% to 18% for paints and varnishes, lithium-ion batteries, mixer-grinders, hair dryers, TVs (up to 68cm), scent sprays and more.
GST on handbags, wooden painting frames, stone art ware, ornamental framed mirrors and glass statues, among others, has fallen from 18% to 12%.
For these items, GST is now zero
For items like stone/marble/wood deities, sanitary napkins, sal leaves and their products, rakhi, coir pith compost, phoolbhari jhadoo, khali dona, and circulation and commemorative coins sold by SPMCIL to the finance ministry, GST has dropped from 18%, 12% or 5% to zero.
Meanwhile, Domino's gets notice for not passing on GST-cut benefits
The Directorate General of Anti-Profiteering has issued an investigation report to Domino's for not passing on benefits to consumers after a GST cut of 18% to 5% last November, and was instead doing so selectively.
Jubilant FoodWorks, which operates the chain in India, confirmed it has received the notice, but asserted it believes it has passed on the benefits adequately.