Ever since the goods and services tax was applied throughout the market, it was open for the first time after it on Monday. But still, the traders were in the confusion related to the GST. At somewhere the traders didn’t want to sell the goods and somewhere the supply of goods was in shortage while some of the traders were busy clearing the old stock.
If we check out the reality of GST on the foreground of the market, here what one can find in the actual environments of various sectors.
Medicines
Overall there was a 30 percent shortage in supply of many essential medicines out in the market. While many pharmacists were in the chaos due to no software update for GST billing and e-filing.
Eatables
The major community for trading the eatables was shut down till Monday for a total of 4 days. Many of the merchants supplied and sold the stocks from the 29th June bill date. This was done to avoid any mismatch while under the scheme of GST, not much of them sold or purchased any commodity.
Textiles
Most of the textile merchants were down and kept their trading units shut off due to the conditions of confusion prevailing in the market over GST. According to this reason, many of them didn’t register themselves under the GST. The textile association has decided to make a new strategy in order tackle the issues of GST.
Automobiles
The issues were also prevailing in the automobile sector, as many showrooms were open but due to unavailability of rate list, the dealer couldn’t take any orders. The dealers said that the new rate list will arrive on 5th July and then the booking will be commenced.
Gold
Due to the implication of 3% GST on the bullion, it is speculated that the gold items are now expensive up to 550 to 600 rupees per 10 gram. The overall bullion market was weak in the GST transition while there was a new way of bill generation discovered in the market.
Read Also: Gold GST Rate: Impact on Consumer Before and After
Real Estate
Real estate sector was also under the GST dilemma as the whole day was spent in resolving old queries. No new registrations and dealing are done on the implementation day of GST. The builders stated that after the GST, the flats will be 3 to 4 percent expensive than previous.
Marble Sector
The problems were as it is for the marble industry as the GST council applied a 28% GST over the marble and stones being used up in luxury furnishing. The associations were closed for a consecutive 3 days in the protest.