GST Hike: Apple iPhone Prices Bump Up During Corona Times
Apple India has revised the prices of the iPhone family due to the new GST implemented by the Union Government. Prices are up by up to Rs.8000, effective from April 1,2020.
Highlights of the Story
- GST on smartphone increased by 50%
- Apple hiked the prices for all the iPhone models due to the increase in GST.
- GST increase due to coronavirus lockdown.
The Union Government of India has implemented a new GST rate as 18 per cent, up from 12 per cent. As a result of this, all the big manufacturers of smartphones have announced that the prices of their smartphones will be significantly increased, including Apple iPhone Prices.
Also read: GST Hike on Smartphones
This hike in the GST rate came as a consequence of the Corona Virus lockdown across the world, which resulted in an increase in the prices of the smartphone components. The fluctuating value of Indian rupee against the USD is also a major contributing factor. The new prices after the hike will be effective from April 1, 2020.
Premium brands like Samsung and Apple are also set to bump the prices.
Apple has revised the prices of all the iPhones in the family, starting from the oldest iPhone 7 all the way to the latest models iPhone 11, iPhone 11 Pro and iPhone 11 Pro Max. Apple India Private Limited confirmed the hike in retail prices of iPhone by issuing a notice. The increased prices as per the new amendments in the GST are as stated.
This comes out as a piece of disheartening news for all the consumers who were waiting to upgrade to the newer iPhone models. It is not too long when Apple had increased the prices last month for all their iPhones due to the increase in the customs duty, as announced in the Union Budget 2020.
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