A number of brands and retailers are offering special discounts to consumers to ensure that their sellers’ stock is cleared before the Goods and Services Tax (GST) comes into play from next month.
These commercial entities want to offload their stocks to minimise complex legal formalities related to carrying over and claiming input credit under the new tax regime.
Paytm is holding a ‘Pre-GST Sale’, hosting over 6,000 retailers across 500 brands. Through this, consumers can get discounts and cashback on a range of product categories, such as TVs, laptops, mobile phones, air conditioners, refrigerators, DSLRs and footwear.
“This sale has come at an opportune time for offline retailers who are looking to offload their entire inventory before the new tax rates become effective,” Paytm said in an emailed response.
Even online drug marketplace 1mg has jumped on the bandwagon. “Due to GST, there may be a shortage of medicines in July. Stock medicines@20 per cent off on 1mg.com to avoid issues,” read a communication sent to customers.
The landmark GST reform kicks in from July 1.
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