Ambiguity over new GST prices forces retailers to keep minimum stock: Report
In the wake of the historic tax reform, Goods and Services Tax (GST), mobile retailers all over India seem confused and have switched to the immediate safety measure, which is to limit smartphone stocks in store. According to a report by The Economic Times, mobile stores have been left hanging for prices of the new stock that is yet to enter the mobile markets. So as a precautionary measure, have kept the number of stocks to a minimum to avoid losses once the dust settles.
The government has slated mobile phones at a tax slab of 12 percent. Additionally, it has added a ten percent basic custom duty on imported goods.
The report said that stores like Reliance Digital and Chroma saw a smooth transition, thanks to the teams that manage the invoicing and pricing. With smaller retailers, things get difficult. The smaller retailers are expecting a smoother transition within a week or ten days, as per the report.
In the wake of the historic tax reform, Goods and Services Tax (GST), mobile retailers all over India seem confused and have switched to the immediate safety measure, which is to limit smartphone stocks in store. According to a report by The Economic Times, mobile stores have been left hanging for prices of the new stock that is yet to enter the mobile markets. So as a precautionary measure, have kept the number of stocks to a minimum to avoid losses once the dust settles.
The government has slated mobile phones at a tax slab of 12 percent. Additionally, it has added a ten percent basic custom duty on imported goods.
The report said that stores like Reliance Digital and Chroma saw a smooth transition, thanks to the teams that manage the invoicing and pricing. With smaller retailers, things get difficult. The smaller retailers are expecting a smoother transition within a week or ten days, as per the report.
Comments
Post a Comment