Sales dropped as much as 40 percent in markets across the country due to low footfall of consumers on the back of cash shortages, traders body CAIT said on Monday.
With just days left 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 a 40 percent drop in sales in comparison to last year, Confederation of All India Traders (CAIT) said in a statement.
The note 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.
Also Read: Retailers Offer Buyers Cheaper Credit To Boost Diwali Sales
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