6th anniversary of implementation of GST
The Union Finance Ministry announced a reduction in the Goods and Services Tax (GST) for electronic goods on 2 July 2023, the sixth anniversary of the implementation of GST. The list of electronic products includes mobile phones, TVs up to 27 inches, refrigerators, washing machines and others. With an aim to make home appliances more affordable, the Finance Ministry has reduced GST rates for various items. Refrigerators, washing machines, fans, coolers, geysers and similar products will now attract a reduced GST rate of 18 per cent, from 31.3 per cent earlier.
Apart from this, GST rates have been cut for various other household items. Products such as mixers, juicers, vacuum cleaners, LEDs, vacuum flasks and vacuum utensils have also seen a reduction in GST rates. The GST rate for mixers, juicers and similar items has been reduced from 31.3 per cent to 18 per cent, while LEDs now have a reduced GST rate of 12 per cent, up from 15 per cent earlier.
About June GST Collection
The total GST revenue collection in June increased by 2.80 per cent to Rs 1,61,497 crore as against Rs 1,57,090 crore in May. The GST collected in June included Rs 31,013 crore under CGST, Rs 38,292 crore under SGST, Rs 80,292 crore under IGST (includes Rs 39,035 crore collected on imported goods) and Rs 11,900 crore under Cess (includes Rs 1,028 crore collected on imported goods). including Rs. From the IGST amount, the government settled Rs 36,224 crore for CGST and Rs 30,269 crore for SGST.