LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » Companies News

Consumer durables sales increase up to 100% during pre-GST discounts

Retailers that cut their losses and offered consumer durable products on sale with up to 50% discounts have now seen an increase in pre-GST sales. The sales of the retailers have increased 100% YoY with GST rollout being two days away.  

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Consumer durables sales increase up to 100% during pre-GST discounts
Footfalls in the consumer durables outlets in Delhi rose 30%. Image Source: Reliance Retail website
Written By: ZeeBiz WebTeam
Updated: Wed, Jun 28, 2017
10:53 am
Mumbai, ZeeBiz WebDesk
RELATED NEWS
GST: Full clarity! No confusion over taxability of gift cards or vouchers - Appellate Authority for Advance Ruling bench says this GST: Full clarity! No confusion over taxability of gift cards or vouchers - Appellate Authority for Advance Ruling bench says this
GST filers alert! Modi government allows further flexibility - All you need to know about important advisory by Goods and Services Tax Network GST filers alert! Modi government allows further flexibility - All you need to know about important advisory by Goods and Services Tax Network
HIGHEST EVER! Whopping Rs 1,23,902 crore! Gross GST revenue collection March 2021 sets new record  HIGHEST EVER! Whopping Rs 1,23,902 crore! Gross GST revenue collection March 2021 sets new record
GST taxpayers alert! Input Tax Credit (ITC) clarification from Finance Ministry - Must know for March 2021 GST taxpayers alert! Input Tax Credit (ITC) clarification from Finance Ministry - Must know for March 2021
Important statement from Finance Ministry for GST taxpayers Important statement from Finance Ministry for GST taxpayers
Key Highlights
  • Pre-GST sales mounted up to be equivalent to Diwali sales for retailers of consumer durables.
  • Retailers like Kohinoor and Reliance Retail digital had up to 100% increase in sales on YoY basis.
  • With GST, consumer durables are expected to get 4% costlier.

Retailers who set up sales 15 days prior to their usual monsoon sales have had an overwhelming swarm of customers this month on account of the huge discounts and stock clearing sales this month.

Consumer durables sales increased up to 100% on a year on year period from retail stores like Reliance Digital, Vijay Sales, Viveks, Great Eastern and Kohinoor stores that now run almost empty, a report by Economic Times said on Wednesday.

The report added that Reliance Retail’s digital formats saw 80% jump in sales whereas Vijay Sales and Kohinoor saw 50% and 100% increase respectively.

The rush to buy consumer electronics and products is because of the higher tax incidence that is to be levied on the goods post 1 July when the Goods and Service Tax (GST) will kick-in.

To minimise loses retailers like Vijay Sales were offering discounts up to 50%; while offers on refrigerators, televisions, air conditioners and washing machine had discounts that went up to 40% in other clearance stock sales.

GST had made retailers increase discounts on products up to three times the amount offered during Diwali and other festive seasons.

Also Read: GST rollout: Shoppers make merry as retailers slash prices up to 40% 

Footfalls in the consumer durables outlets in Delhi rose 30%, a report by Business Standard said on Monday.

The GST rate to be levied on consumer electronics and home appliances will be under the 28% tax slab. This would increase prices by nearly 4%, industry experts said as the current tax on consumer durables ranged between 23-28% depending on the state.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
GSTconsumer durablesconsumer electronicsdiscountssalesretailersGST ratesGoods and Service TaxConsumer Products
RELATED NEWS
GST: Full clarity! No confusion over taxability of gift cards or vouchers - Appellate Authority for Advance Ruling bench says this GST: Full clarity! No confusion over taxability of gift cards or vouchers - Appellate Authority for Advance Ruling bench says this
GST filers alert! Modi government allows further flexibility - All you need to know about important advisory by Goods and Services Tax Network GST filers alert! Modi government allows further flexibility - All you need to know about important advisory by Goods and Services Tax Network
HIGHEST EVER! Whopping Rs 1,23,902 crore! Gross GST revenue collection March 2021 sets new record  HIGHEST EVER! Whopping Rs 1,23,902 crore! Gross GST revenue collection March 2021 sets new record
GST taxpayers alert! Input Tax Credit (ITC) clarification from Finance Ministry - Must know for March 2021 GST taxpayers alert! Input Tax Credit (ITC) clarification from Finance Ministry - Must know for March 2021
Important statement from Finance Ministry for GST taxpayers Important statement from Finance Ministry for GST taxpayers

LATEST NEWS

Stocks picks with Anil Singhvi: Dr Reddy's, Alkem Laboratories, Torrent Pharma, Ajanta Pharma, Aarti Drugs are top recommendations today

USD vs INR: Indian Rupee at 9-month low against US dollar - Expert decode the impact

PUBG Mobile Update: Massive achievement for PUBG New State; Check details NOW

Happy Baisakhi 2021: On WhatsApp, send your best wishes, messages, quotes and more to family and friends

JEE Main 2021: April session admit cards expected to be out SOON at NTA website - see how to download and all other details here

Yes Bank Share price can multiply 2x to 3x over this period, says expert

Stock market holidays April 2021: BSE, NSE to remain closed tomorrow, next holiday on THIS day

CBSE Board exam 2021 cancellation: Will they, or won't they? From Arvind Kejriwal, Maha minister, Sonu Sood to CBSE — Who said what?

CBSE Board exam 2021: After Maharashtra, UP boards, will CBSE CANCEL examinations? Here is latest news by official

Alert! Your WhatsApp account can be suspended due to this flaw; you are in danger, do this for sure

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved