GST cut on electronics: Sony, LG, and Panasonic reduce TV prices by up to Rs 85,000

Major television manufacturers including Sony, LG and Panasonic have announced significant price reductions of up to Rs 85,000 on their products as a major move to stimulate consumer spending ahead of the festive season. The reduction in price comes in direct response to a GST rate cut on TV sets over 32 inches, which takes effect today (September 22), coinciding with the start of the Navaratri festival season.

The GST Council's decision to lower the tax rate on TVs with screen sizes above 32 inches from 28% to 18% has been a boon for both manufacturers and consumers.



According to a report by news agency PTI, the industry, which saw sluggish sales in the first half of the fiscal year, is now anticipating a robust surge in demand during the festive season. The report added that manufacturers are optimistic that the price drop will not only boost sales but also encourage consumers to upgrade to larger screens with advanced features.

GST effect: How much price have Sony, LG, and Panasonic reduced

Top TV brands like Sony, LG and Panasonic have unveiled their new, lower price lists.

Sony India has reduced the prices of its BRAVIA TV models ranging from 43 to 98 inches. The price cuts range from Rs 5,000 to Rs 71,000. The 43-inch BRAVIA 2 is now Rs 54,900 (down from Rs 59,900), and the premium 98-inch BRAVIA 5 will now be sold at Rs 8.29 lakh, a significant reduction from its previous price of Rs 9 lakh.

LG is offering discounts from Rs 2,500 to Rs 85,800 on models with screen sizes between 43 and 100 inches. The company's 43-inch model is now available for Rs 28,490 (previously Rs 30,990), while its top-end 100-inch TV has been slashed by Rs 85,800 to a new price of Rs 4,99,790.

Similarly, Panasonic has also offered price reductions ranging from Rs 3,000 to Rs 32,000. Some of its 43-inch TVs now start at Rs 33,990, and a top-end 75-inch model has seen its price fall from Rs 4 lakh to Rs 3.68 lakh.

In addition to TVs, manufacturers expect a positive spillover effect, with a projected high double-digit growth in sales for bundled products like soundbars and party speakers this festive season, the PTI report added.