Don’t know about the after effects of the GST but before the implementation of the major tax reform, it has benefited many people since many shopping and electronics apparels are offering immense discounts on their products.
Electronic Stores like Vijay Sales, Kohinoor and Digi 1 are offering up to 50 percent off on certain models or till stocks last. Snehanjali, another electronic chain of Mumbai is offering as the pre-GST sale. While Samsung is offering free DTH connections with televisions and extended warranty periods along with free services of air-conditioners (ACs) and microwaves as their ‘June Fest’. Also, brands like Puma, Bata, Jack & Jones, Vero Moda, Louis Philippe, Van Heusen, Benetton and US Polo have already begun their sales across major cities. Flipkart, Amazon, Paytm and others have announced the pre-GST sale on their online platform.
Retailers are focusing on clearing the stock before GST as they will not get the full set-off on the tax which they have already paid. Currently, VAT, excise, and octroi in some cases are implemented on stocks which are invoiced and delivered. But after July 1, if this stock is not cleared, vendors will be stuck with two kinds of stock. One that has GST invoices from the manufacturer while the other before GST.
Croma marketing officer said, “Essentially there is a loss on that and that is why retailers are trying to get the old stock out”.
Here is the list of Discounts and Cashback Offers which various retailers are offering: