Prices of consumer electronics are likely to go up by 3-5 per cent once GST is implemented as most of them fall under the 28 per cent tax slab, which is the highest bracket and a jump from the current 23 per cent tax rate.
Most retailers have announced these discounts in a bid to clear inventories ahead of the GST rollout. As per the GST the Input Credit to be utilised within one year of purchase.
Reiterating that preparations are in full swing for rolling out GST on Jul 1, CBEC said that, along with the states, the department has increased its outstretch programmes on the forthcoming Indirect tax regime to reach the “last trader”.
Some GSPs urged the GSTN to defer the date by which business taxpayers must file invoices by at least a month from August to September, to allow GSPs to carry out testing and security compliance based on revised rules.