Happy Diwali: GST Impact Goes Zero On Dhanteras!

| October 17 , 2017 , 16:46 IST

While the Goods and Services Tax along with Demonetisation were criticised all over the country for bringing many businesses to a standstill, Dhanteras seems to be hardly fazed by these economic steps.

With the emergence of Diwali, people start shopping for new items as the occasion is considered auspicious for buying jewellery and vehicles. Every year, thousands of people buy vehicles bringing the automobile business to new heights.

Reportedly, despite raised prices, the sales of high-end vehicles and jewellery have not dropped during the festive season. In fact, in comparison to last year's statistics, 30 percent rise in the middle and small car segments is expected.

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While last year 2,200 cars were sold during Diwali season, the major brands are expected to achieve new heights this year, given the number of pre-booking the high-end vehicles have received.

Reportedly, around 5,000 two-wheelers were sold in the national capital last year and the latest figures suggest that 40 percent growth is expected in the segment. Many showrooms are also expecting the sales to get doubled.

In 2016, around 1700 kg silver and 275 kg gold were sold. As per the latest numbers and advance bookings, the sale of silver might cross 3200 kg whereas the demand for gold might reach 400 kg.

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In wake of GST council's decision of extending the sale limit without the requirement of PAN to Rs 200,000, the sales of gold and gems are expected to go up. Even the sales of home appliances, electronics and mobiles might witness an increase by 20%.

The real estate market is expecting growth, given that over 300 properties in Delhi and nearby states have already been pre-booked. After getting over the initial shock of GST, the economy is expected to recover soon with steady steps.