With the Goods and Services Tax (GST) set for rollout in a month, retailers of white goods and electronics are hustling to clear stocks, by offering a range of exciting discounts to potential buyers.
As much as 40 per cent discounts on refrigerators, Air conditioners, washing machines, TV sets and other items has been announced by several retail chains, who are looking to empty their inventories and minimize any losses that might come their way before July 1.
Worried by the trend of retailers and distributors halting stock purchases to clear the current inventories, electronic brands like Samsung, Videocon and Panasonic have announced promotional offers including discounts and extended warranties to attract customers.
Big retailers expect heavy losses in early July, as they scramble to clear stocks by offering discounts. After the July 1 rollout, the prices of electronics are expected to go up by three to five per cent, due to increase in taxation. Some of the retail chains that are offering stock clearance sales include Vijay Sales and Kohinoor in Mumbai.
By Baishakhi Dutta