GST effect: LG becomes the first durables company to increase TV prices
NEW DELHI/MUMBAI: If you did not purchase that television or appliance last week when retailers were selling these big ticket items at a steep discount, you will now have to shell out more as manufacturers have begun raising prices to account for GST.
Dealers said LG is the first among consumer durable makers to hike television (TV) prices. From LG LED televisions, LG Smart LED sets to LG UHD LED sets, dealer prices have increased in the range of 1.3 to 7% in the western region. In Delhi/NCR region, prices have gone up marginally by under 2%.
Confirming the development, Vijay Sales, managing partner, Nilesh Gupta, said: “LG has set the trend for price increases. This is on expected lines.”
Panasonic, too, said prices of TVs and white goods such as refrigerators and microwave ovens will go up soon. “The quantum is still being worked out and will be finalized by the end of this week,” Ajay Seth, Director of Sales & Service atPanasonic India, said. Sources said the impact can be between 3-4% on the existing retail prices.
Samsung, on the other hand, said prices are not being increased immediately. However, industry and trade sources said the Korean electronics maker had increased the prices of white goods by 1-2% before the announcement of GST.
An official of Sony India said that there are no plans to increase the price of panel TVs. “While we are still studying the implications of GST. We have no intention to revise prices of TVs as of now,” said Satish Padmanabhan, Head of Sales of Sony India.
HP too has taken price hikes on HP Notebook and HP Pavilion Notebook by around 2%, according to Vijay Sales.
In the pre-GST sale across stores last week, consumer appliances and durables were being sold at up to 50% discount to consumers. As a result, footfalls across these stores were up by nearly 70%.