GST Slash Sparks Festive Surge in Appliance Sales
Following the introduction of reduced GST rates, a surge in sales of air-conditioners and TV sets has been observed, coinciding with the festive season of Navratra. The GST Council's reform aims to boost consumption, resulting in significant price cuts on various goods, leading to increased sales and optimistic market projections.
- Country:
- India
A surge in air-conditioner and television sales marked the beginning of the week as the government implemented lower GST rates. Retailers witnessed a rush of consumers taking advantage of significant price reductions coinciding with the start of the Navratra festival.
The reform, initiated by the GST Council, reduced the tax structure to two slabs of 5% and 18%, significantly slashing prices of goods ranging from daily essentials to high-end electronics. This strategic move aims to invigorate consumer spending across the nation.
Manufacturers and retailers are reporting a robust start, with air-conditioner sales almost doubling compared to usual figures. In contrast, TV sales saw a growth spike of up to 35% on online platforms, reflecting an optimistic outlook for this festive sales season.
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