Are Smartphones Getting Cheaper in July? Fact Check
Last week, multiple reports claimed that smartphones will get cheaper in July 2023 due to GST reduction.
But is that claim valid? Well, sorry to burst the bubble, but no. Let's dive deep into it to know more.
At the time of the implementation of GST, the government set a 12 per cent tax on mobile phones.
From April 1, 2020, the Government of India increased GST on smartphones to 18 per cent. But, it never went 31.3%.
During Budget 2023, the government reduced GST on mobile phones and brought it down to 12 per cent.
The new GST rate has still not come into effect which means that the price of the smartphone hasn't changed.
Sadly, this means that phone prices will not reduce anytime soon.