Retail trade registers 30 %fall

Retail trade registers 30 %fall
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The retail shop owners in City are facing difficulty in getting stocks from the wholesale dealers as they are not yet prepared for implementation of GST.

Hyderabad: The retail shop owners in City are facing difficulty in getting stocks from the wholesale dealers as they are not yet prepared for implementation of GST.

According to sources, it may take about another 20 days before the wholesalers and retailers adopt the system. There is not much of shortage of products as the retailers are selling the existing stocks they have. In case if some products are not available with them, they are available in super markets which have come up in all colonies.

With the retail and wholesale traders not being ready with GST, the trade is said to have seen a dip by about 30 percent. The wholesalers have not been getting the goods from Mumbai, Kolkata and other cities as they are not ready with GST billing system. A retailer Mallesh, at Baghlingampally, expressed his anguish over the introduction of GST.

The wholesalers are asking for Aadhar proof, Bank Account and Pan card number for getting stock whose turnover is below Rs 20 lakhs, he said. Dilip Kumar Pansari, General secretary, Hyderabad and Secunderabad Retail Kirana Dealers Association said that the wholesalers were not sending stocks. This has affected their business to the extent of about 30 per cent.

The traders should register their units under GST; and if their turnover is less than Rs 20 lakhs, they have to submit a declaration form, he said.

Narayana Das, Secretary, The Hyderabad Merchants Association, Begumbazar, said loading and unloading activities have been affected since GST came into force. On Friday, a meeting was organised with wholesale and retailers by the Commercial Tax Department officials to create awareness on GST.

Om Prakash, a wholesale business man, told The Hans India that the meeting has helped in clearing myths regarding GST. He thought that he may have to pay another 18 percent new GST tax for the stocks he had already purchased and which was left with him. But the officials clarified that no additional GST will have to be paid for the remaining 35 percent stock.

By V Naveen Kumar

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