As much as 40 per cent drop has been recorded in sales in markets across the country due to low footfall of consumers because of cash shortages, traders body CAIT said today.
With just 3 days for Diwali, "markets across the country are gloomy, having a deserted look with very less festivity and less foot fall of the consumers", resulting in 40 per cent drop in sales in comparison to last year, Confederation of All India Traders (CAIT) said in a statement.
It said less footfall is there in markets because of cash shortage.
It also said that the slowdown is further multiplied by glitches in the Goods and Services Tax (GST), which kicked in from July 1.
"Confusion still prevails to a great extent which is more bothering to traders. Tax compliance of almost all taxes falls in this month only," it added.
With just 3 days for Diwali, "markets across the country are gloomy, having a deserted look with very less festivity and less foot fall of the consumers", resulting in 40 per cent drop in sales in comparison to last year, Confederation of All India Traders (CAIT) said in a statement.
It said less footfall is there in markets because of cash shortage.
Also Read
"Confusion still prevails to a great extent which is more bothering to traders. Tax compliance of almost all taxes falls in this month only," it added.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%