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People make panic buying on GST Impact
As the Goods and Services Tax (GST) is about to introduce from Saturday, several shops and showrooms in the district are offering electrical appliances and electronic goods at discount rates for the past few days. With the unexpected announcement of GST, people are thronging shops to purchase the goods of their choice.
Kurnool: As the Goods and Services Tax (GST) is about to introduce from Saturday, several shops and showrooms in the district are offering electrical appliances and electronic goods at discount rates for the past few days. With the unexpected announcement of GST, people are thronging shops to purchase the goods of their choice.
All most all the electronic shops across the district are offering electrical goods with massive discounts.In Kurnool city, several electronic showrooms are offering discounts in the range of 20 to 40 per cent on select models. Same situation is prevailing in other towns like Nandyal and Adoni.
District Mobile Dealers Association president SM Javeed, who runs Anwar Mobiles shop in the city, said that customers are accustomed to wait and watch to buy mobiles now. He further said that they are expecting the present rates are likely to continue for another 8 to 12 weeks as clarity was needed on several fronts.
Even biscuit dealers in the region said that they don’t expect prices to come down immediately from July 1, a biscuits merchant S Shankar said. It will take at least 2 months to familiar with the GST, he added. Actually, people don’t have good knowledge about it and also 80 per cent of merchants also have no idea about GST guidelines, he stated.
A dealer of electronic goods at Nandyal said that they did have this kind of business during summer as air-conditioners and refrigerators are being sold in high numbers. “With the announcement of GST, we had unbelievable business. There is much demand for 28 and 42 inch models of televisions. Actually, June is a typical month for selling goods,” he stated.
Prices for most groceries, household and personal care products will remain unchanged for at least 6 to 8 weeks after the GST roles down from July 1 as companies aren't too sure how the new levy will impact their cost of operations, stated a marketing executive, S Emmanuel.
He further said that several products including cookies, toothpastes, soaps and hair oils will be taxed at 18 per cent under GST compared to 22 per cent in the current indirect tax structure of excise duty and value-added tax. However, detergents, shampoos and skincare products will attract 28 per cent tax, he added.
