Latest News – E-commerce vendors in India, like their offline counterparts, are going all out to liquidate stocks ahead of the roll-out of the Goods and Services Tax (GST) on July 1 as they fear incurring losses due to the new tax regime.
Sellers are even asking e-commerce marketplaces such as Amazon and Flipkart to host sales this month to get rid of existing inventory. Currently, vendors are placing orders for products from manufacturers or dealers only after receiving confirmations rather than ordering in bulk and selling the stock over time.
“There is no question of selling online or offline, it’s the same story everywhere. No one is buying inventory and some are even selling their existing inventory at a loss. This is happening across industries and across categories,” said Sanjay Thakur, president of e-Seller Suraksha.
Under the new GST rules, sellers can avail up to 60 per cent input tax credit on items which (Read More)