Business Economy 30 Jun 2017 Last minute stock cl ...

Last minute stock clearance by durables retailers ahead of GST

PTI
Published Jun 30, 2017, 6:49 pm IST
Updated Jun 30, 2017, 6:49 pm IST
Landmark GST, which will replace more than a dozen central and state levies will be effective from midnight tonight.
The retailers are not buying because they are not getting input credit on the stock purchased before June 30.
 The retailers are not buying because they are not getting input credit on the stock purchased before June 30.

New Delhi: Hours before the implementation of landmark GST, many white goods stores in the capital are on an overdrive mode, offering huge discounts of up to 40 per cent to get rid of inventory.

While many bargain hunters walked away with dream deals, some returned empty handed as many stores put up "out of stock" signs for high demand items such as LED television of popular brands such as Sony and LG.

 

A multi-brand retailer in West Delhi's Rajouri Garden said Sony and LG televisions are not available and there is no certainty as to when these will be available. Similarly, a store owner at Khanpur in South Delhi said: "We don't have TVs available now they are all sold. However, there is a discount up to 40 per cent on microwaves, washing machines and air conditioners".

Likewise, a dealer at MG Road in South Delhi said even in air conditioners, stocks of brands such as LG and Samsung are have already exhausted. There's, however, a discount of Rs 3,000 and above on other AC brand like LLOYD, and washing machines of Godrej is being sold at Rs 12,000, the dealer said.

Commenting on the market scenario, Whirlpool of India VP Marketing Kapil Agarwal told PTI: "The retailers are not buying because they are not getting input credit on the stock purchased before June 30. They are reducing their inventories as a result the stock in the system is coming down".

The landmark GST, which will replace more than a dozen central and state levies will be effective from midnight tonight. Under the new indirect tax regime, consumer durables like TV, AC, washing machines and refrigerators will cost more as these have been kept at the highest tax slab of 28 per cent.

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Location: India, Delhi, New Delhi




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