Paytm Mall, a unit of digital payments platform Paytm, has rolled out a mega clearance sale ahead of the scheduled rollout of the Goods and Services Tax from July 1. Paytm’s "Pre-GST Clearance Sale" has merchants and retailers across the country offering deep discounts and attractive cashback offers on consumer durables including TVs, laptops, phones, ACs and refrigerators. The Paytm sale "will host over 6,000 retailers across 500+ brands, with all major brand labels participating in the retail extravaganza", Paytm said in a statement.
Paytm said its pre-GST sale will offer a cashback of up to Rs. 20,000 on items including televisions, consumer durables, premium laptops and DSLR cameras. Products such as bluetooth speakers, footwear and accessories will be sold at discounts of up to 50 per cent plus a 25 per cent cashback, it added.
— Paytm Mall (@PaytmMall) June 13, 2017
"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.
The Goods and Services Tax, touted as the single biggest reform since Independence, will kick in from July 1. The government today advised people to stay clear of rumours of a possible pushback in the date of implementation of the law. A multitude of goods and services will fall under the ambit of this tax, impacting their prices once it comes into effect.
Retailers are anticipating a major dip in sales next month as electronic items will get more expensive because they fall in the 28 per cent GST slab, a jump from the current 23 per cent tax rate (including VAT and Excise duty). This has triggered a stock clearance sale and prices of items like LEDs, air conditioners and washing machines have been slashed across NCR.