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Fridge, washing machine and TV to see price hike after GST
Posted on: 28/Jun/2017 3:47:53 PM
As the Goods and Service Tax is likely to come into effect from 1st July, it has ushered in a sale spree at all consumer goods.
In the big retail chains, comparing the sales last month and this month, the numbers at present have decisively surpassed the festive season in the previous year.
As per latest reports, there is 85 to 90 percent increase in durable sales. This increase in sales is to be attributed to up to 45 percent discount for clearing inventory ahead of GST.
There is steep increase in consumer electronic stores this month. Buyers are showing interest in buying products as they expect steep increase in rates after GST implementation. There may be up to 5 percent increase because of higher tax rate abiding by the GST norms.
The Chief Executive of Reliance Retail’s digital formats told that June has been a huge month with 80 to 90 percent growth in sales being observed as compared to the same duration last year. In general, durable sales gets dipped in June, to note.
Most of the consumer durables under GST have absorbed a tax rate of 28 percent. Home appliances including fridge, TV, air conditioners, washing machines, etc are likely to turn costlier from July.
In June month, a lot of air-conditioners and refrigerators are sold. In terms of sales, this is a tepid month as compared to April or May.
Managing director of one of the retail stores says their sales are on par with the combined sale of Diwali and Dhanteras put together.
This brisk business is not just for the brick-and-mortar stores, but online stores such as Amazon, Flipkart, etc are flourishing with massive sales and discounts on electronic goods.
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