Retail stores and e-commerce websites have announced big discounts on electronics, home appliances, clothes, footwear and more ahead of the implementation of Goods and Services Tax or GST from July 1. Though sales are generally announced before Diwali, retailers have declared major discounts in June fearing a major dip in sales next month as electronic items will get more expensive due to the rollout of GST and the costs associated with making old stock compliant with the new indirect tax regime.
Prices of items like LED televisions, air conditioners and washing machines have been slashed the most as they fall in the 28 per cent GST slab, a jump from the current 23 per cent tax rate.
Retailers are announcing hefty discounts to clear inventories ahead of the GST rollout, say some analysts.
Online retail giants Flipkart and Amazon have slashed prices in segments ranging from fashion, home appliances, mobile accessories, watches, leather products and health and beauty products.
Paytm Mall, a unit of digital payments platform Paytm, has launched a clearance sale, in which its merchants or authorised retailers are offering discounts and cashbacks on many items including TVs, laptops, phones, ACs and refrigerators. "This sale has come at an opportune time for offline retailers who are looking to offload their entire inventory before the new tax rates become effective," Paytm said. (Read more)
Meanwhile, the GST Council last week lowered tax rates for 66 items, placing products such as cutlery, pickles, ketchup, mustard sauce and toppings at a lower tax slab of 12 per cent compared with 18 per cent earlier.
Disclosure: Paytm's parent company One97 is an investor in NDTV's Gadgets 360.
Prices of items like LED televisions, air conditioners and washing machines have been slashed the most as they fall in the 28 per cent GST slab, a jump from the current 23 per cent tax rate.
Online retail giants Flipkart and Amazon have slashed prices in segments ranging from fashion, home appliances, mobile accessories, watches, leather products and health and beauty products.
Advertisement
Meanwhile, the GST Council last week lowered tax rates for 66 items, placing products such as cutlery, pickles, ketchup, mustard sauce and toppings at a lower tax slab of 12 per cent compared with 18 per cent earlier.
Advertisement
COMMENTS
Advertisement
Group Of Ministers To Look Into GST Rate Cut Demand On Health Insurance: Nirmala Sitharaman Amazon Electronics Festive Sale: Mobile Offers, Discounts on Laptops and Other Products Call Me Bae Review: A Riches-to-Rags to Success Story With Ananya Panday In It IAF Officer Files Rape Case Against Senior, Says Was Forced Into Oral Sex Large Asteroid Hurtles Towards Earth, ISRO Warns Of "Worst Case Scenario" "Same Product, Different Year": Internet Reacts To Apple iPhone 16 Launch AAP Releases 3rd List Of 11 Candidates For Haryana Polls Eknath Khadse Says He Was Not Keen To Return To BJP Row Over Assam Rifles Ex Chief's "Meitei Police, Kuki Police" Comment Track Latest News Live on NDTV.com and get news updates from India and around the world.