Here comes the fair deal, you all must be excited, the deadline of Goods and Services Tax (GST) and retailers and several brands are offering huge discounts to consumers to clear their old stock prior to GST will be applied from next month. Paytm is being considered for the ‘Pre-GST’ sale in that it would host 6000 and above retailers and around 500 brands.
Interestingly, consumers can avail big amount of cashback and discounts on different varieties of products, for instance, laptop, mobile handset, TVs, refrigerators, DSLRs, air conditioners, and footwear. In an emailed response Paytm said, “This pre-GST Sale will see customers buy items including televisions, consumer durables, premium laptops and DSLRs at up to Rs 20,000 cashback, while products such as Bluetooth speakers, footwear and accessories will be sold at up to 50 percent off plus 25 per cent cashback. 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.”
A communication sent to customers says, “Due to GST, there may be a shortage of medicines in July. Stock medicines@20 percent off on 1mg.com to avoid issues.” ShopClues has around 5 lakh merchants and it is making seller points in different cities, updating information regarding GST related selling and also sending updates to merchants regularly via emails. It also added, “Soon, we will organize weekly webinars, where merchants can get their doubts clarified from our internal GST experts.”
As per the sources, Puma is offering 10% extra off, Allen Solly an outfit-maker brand offering flat 40% discount and buy-one-get-one-free scheme. On the other hand, Levi’s is providing two free items on the purchase of two and Flying Machine is offering up to 50% discount. Bajaj Auto has reduced the prices of Motorcycle by up to Rs 4,500, reportedly, “pass on the expected benefits of GST to customers”. As per on of the statements, Less tax on motorcycle w.e.f July 1.
In conjunction to this, white goods, for example, washing machine, air-conditioners, and refrigerators fall under the GST scale of 28 %, next to the current rate of 21-23 %, including excise duty and VAT. A Delhi-based manager of electronic appliance said, earlier the store was offering 10 to 40 % discount on air-conditioners. He further said, “Summers are the peak time when people purchase air-conditioners and refrigerators. But even if two stores offer deep discounts at this time, we also have to, otherwise, we end up losing customers.”
He said, “It might be much easier for some retailers to clear their stocks instead of going through the hassle of filing claims for the tax credit.” An Ahmedabad-based apparel brand Bandhej said,“Most retail players always have an inventory with them. However, numerous discounts and sales by many brands show desperation to sell or over-production leading to more stock to dispose of. Our annual sales are slated in the months of July or September and March, and will be held on schedule.”
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