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According to a report in the Economic Times, FMCG majors like Dabur, HUL, and Wipro are offering huge discounts to retailers. The move has come to avoid a situation where they may have to deal with two different prices for the same products as under the upcoming GST regime some of the FMCG products’ prices will come down as their tax rates have been slashed by 4 to 6 per cent.
Audi India has slashed prices of its models by up to INR 10 lakh, which will last till June 30. The discount is reported to range from INR 50,000 on the A3 sedan to INR 10 lakh on the Audi A8 flagship. Similarly, Mercedes-Benz India also announced slashing prices of its products to pass on benefits of the new tax rate under GST.
The furniture industry is going to see a increase in cost prices , as wood, metal etc are having higher tax slab under GST as compared to earlier . Earlier we raised inovices at 14.5 % VAT, now with new GST the same tax will be as high as 28% . Our brand, East furniture have given benefits to our existing customers to raise invoices at the current slab rates before 30th June , also we are having a huge discount block party with discounts upto 70% on colonial and contemporary collection including sofas, beds, dinning tables ,bar units etc to clear the old stock before the GST is implemented .
Kindly let me know if we can run such story, as this is the trending topic these days . Inputs can be shared from CEO, Mr. Kabir Bhasin , Entrepreneur and start-up mentor .
