In Pre-GST Sale, Big Discounts Announced On Televisions, Laptops, ACs

Prices of items like LED televisions, ACs and washing machines have been slashed the most under GST, as they fall in the 28 per cent tax slab - a jump from the current 23 per cent.

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In Pre-GST Sale, Big Discounts Announced On Televisions, Laptops, ACs

The GST Council last week lowered tax rates for 66 items


Highlights

  1. Many retailers offering discounts in view of dip in sales on GST rollout
  2. Electronic items set to become get dearer after GST
  3. Opportune time for offline retailers to offload inventory, says Paytm
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.


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