When 86 percent of notes are taken out of circulation with a shock and above that the GST was imposed and that too without any preparation in a hurry, then what can be expected from the market. The market condition will definitely turn bad. That’s what has happened. The pump and show of the Indian biggest festivals Dussehra and Diwali are missing from the national markets. Newspapers and TV Channels are full of repeated advertisements of Dussehra and Diwali where with booking of real estate flat, TV, Freeze, AC are being offered as Freebies. Discounts are showering on consumer products heavily and lucrative offers are being given on different products.
Banks have opened their doors to give loans. But still, the show has vanished from the market. Markets have been bankrupt in the name of Government initiatives for patriotism and development. Consumers are buying only for their own interest but have limited their spend in whole. They are thinking that good days haven’t come. They might have to face more bad times in the coming days, so the money saved today will only work.
If you go to the market a scene passes through our eyes questioning us whether it is the same market as it used to be during Navratri and Diwali. There isn’t any crowd, even buyers and sellers are missing; no enthusiasm, neither the rack nor the women of the house, only a few customers and shopkeepers talking among themselves. This time, the market seems to be very poor.What has Demonetization and GST done! The mall has started heavy discounts and sale hoping to sell items this way. Who knows what would happen in coming time. Let’s leave talking about big and expensive items, there has been a significant cut down in the purchase of even the small items of worship- Havan ingredients, Chunari of the Mother Goddess, Fruits, Vegetables, Confectionary, and many other items being used in Pooja.
After imposing GST, the people’s pockets broke down as a havoc. People doing bargaining for Mata’s Chunary clearly shows that it’s only the matter of their belief, else no one would have bought such an o expensive chunari …. Small fancy Chunari went up to thirty percent expensive (From Rs. 50 to Rs. 250), cost for bowl of dry-fruits is touching heights, Desi-Ghee from Rs. 440 to 500, black gram- 80 rupees, Bananas 70 Rupees a dozen, apple one and a half pounds –Rs. 200, heavy coconut Rs. 40 to Rs. 50 Oranges- Rupees 80 to Rs.100, Chiku 60 to 80 rupees and Papaya Rs. 40 to Rs. 60, guava 30 to 45. Can we ask how are you Fruits?
The shopkeepers selling Electronic Appliances, Sarraffa, Dry Fruits, Gift Items, Textile Market are sitting idle with the hope that in the coming days, the market might grow. For ornaments and jewellery, customers are reluctant to buy due to making charges and reverse charges imposed. 5% GST has been levied on the making of gold and silver ornaments. Making charges have gone up. For this reason, the customers have become helpless vis-à-vis the shopkeepers. Along with the traditional shopping, the Great Indian sale has been started on on-line shopping.
During this sale, bumper discounts have been offered on electronic products and smartphones segment. The second Segment like Home appliances and clothes are also full of heavy discounts. Not only discounts, there is also huge cashback offers on shopping. There are also options of Purchase today and repay tomorrow. Moreover, there is also the option of buying the product today and pay in next three months through EMIs starting from January next year. Even after the number of offers, the business is in a slow-down mode. The good days of businessmen are not coming.
During festive season, there used to be tremendous retail sale also but GST has spoiled it all. Delhi’s wholesale market has been badly impacted. According to a study, there have been 40 to 50 percent fall in the business of Nuts, Gifts, Electronics, Garments, Jewellery etc.
The number of shopkeepers who used to Come from other states for shopping has gone down by 60 percent. The reason is cash and its limited usage as many types of restrictions have been imposed for buying in cash. GST and its intricacies have hit the businessmen directly. All merchants cannot file GST on their own. In festive season, from wholesale market to retail, from Retail Business to General store, everyone is suffering from the headache given by GST.
These people carry different types of items and there is a separate tax on every item. It takes several hours to fill the information. Anyway, the facility to fill the GST form is currently in English only, however very few people could understand it. Where should they spend their time, in filling out the form or in dealing with the customer? Moreover, sometimes Internet does not work, and if it does then it’s very slow. If they attempt to fill the forms offline and then submit them online, then the system doesn’t accept them and the messages keep arriving throughout the day that “YOU ARE IN THE QUEUE”.
