Smart TVs sell like hot cakes in Thiruvananthapuram; GST revision results in crowded shops, confusion

THIRUVANANTHAPURAM: Rush and confusion took centre stage in most shops in the capital city after the GST revision came into effect from Monday. GST is levied when the customer pays the price for the purchase. Therefore, establishments that have computerised their billing systems are now liable to pay the exemption regardless of the cost or the date.

Most institutions started adjusting GST on the computer only after the notification came out. Many were not able to complete the process on Monday. Many supermarkets were closed until noon to update the price information. Lulu Hypermarket are working on correcting the updated prices on the computer. The sales department said that there was a huge rush in electronics sales at MyG store. The demand was high for smart TVs and ACs. The rush is even more than what was witnessed during the Onam offer season. TVs and ACs will get up to 14% off the price. In addition, the Onam offer is in place till the 30th of this month, which makes it a steal of a purchase for customers looking for electronic appliances.

Implementing GST exemption is a complex process. Every e-commerce platform will have to change the price and tax of every item, update digital catalogues, update barcodes, and employees will have to change the packaging with MRP information directly. If even one packet contains incorrect information, a penalty may be imposed. GST credit may be denied on that account.

The prices of tens of thousands of items have to be corrected on the computer. If there is any error in the supplier's records, traders will not be able to claim input tax credit. GST has been levied on health insurance. The premium deduction may be reduced to 12 to 15 per cent. There is concern that consumers will not get the full benefit of the tax exemption, as insurance companies do not get input tax credit. GST exemption does not apply to group policies.

GST on 34 drugs for cancer, haemophilia, spinal muscular atrophy, and myeloproliferative diseases was eliminated.

The price of a week's worth of Alectinib tablets for colon cancer was reduced from Rs 1.20 lakh to Rs 1.06 lakh. The price of Emicizumab injection for haemophilia patients was reduced from Rs 2.94 lakh to Rs 2.59 lakh.