KOLKATA: Several smaller mobile phone and consumer electronics retailers and jewellers across the country are selling products at pre-GST rates by issuing backdated bills, either to clear out old inventory, or because they are not yet ready to move to the new system.
Consumer electronics industry insiders said backdated billing may continue for next couple of days till fresh stock billed on GST rate arrives in the market.
“There is confusion in the market and not all retailers are yet ready to migrate to the new tax system since their backend and billing systems require a software update which is taking time,” said a senior executive with a leading consumer electronics and mobile phone maker.
“Moreover, traders who are still stuck with old inventory will suffer loss since the companies have agreed to compensate stock which is just 30-60 days old. Hence, backdated billing is happening,” the person said.