Electronics major Samsung, which sells a range of products including TVs, fridges and washing machines, said today that it has reduced prices by nearly 8 per cent to pass on the cut in GST rates to consumers. The reduced prices, on applicable products, are effective from today, the company said in a statement.

The South Korean maker expects that the decision will fuel demand in the upcoming festive season.

"We are happy to extend full benefits, i.e. (over) 7.81 percent, of GST rate reduction to all our consumers," said Samsung India Senior Vice President, Consumer Electronics Rajeev Bhutani.

The company said it is fully compliant with government's decision and will pass on the full benefits to the consumers.

"We believe it will fuel the demand for consumer electronics products now and in the ensuing festival season," he added.

Last week, the GST Council brought down tax rates to 18 percent from 28 percent on 15 items, including vacuum cleaners, washing machine, 68 cm (27 inch) TV, fridge, laundry machines, paints, hand dryers, food grinders and varnishes.

As per the GST notification, the new duty slabs is effective from today.

LG, Panasonic and Godrej Consumers have already announced reduction in prices from 7 to 8 percent extending the benefits to the consumers.

Welcoming the move, the Consumer Electronics and Appliances Manufacturers Association had said that this will provide a new impetus for growth especially before the upcoming festive season.