GST: Sports goods sales drop by 60%, says survey

gst wholesaler distributor

After the implementation of the goods and services tax (GST), sales of sports goods and equipment have declined by 50-60 per cent, claims a survey by the Traders Association of Sporting Goods and Physical Exercise Equipment (TASGPEE). Covering 67 fitness equipment retailers and 250 potential fitness equipment customers across the country, the survey found there has been an unprecedented nationwide slump in the sales of fitness equipment in the past four months, the association said.

Under the new indirect tax regime, sports goods and equipment attract tax in the range of 12-28 per cent.  Sports goods and physical exercise equipment manufacturers and retailers have sought re-classification as “sports goods”. This would help the entire gamut of products to come under the GST rate slab of 12 per cent.

Source : http://www.business-standard.com/article/economy-policy/gst-sports-goods-sales-drop-by-60-says-survey-117110300084_1.html

Print Friendly, PDF & Email

Leave a Reply

Your email address will not be published. Required fields are marked *