New Delhi, Oct. 22 -- Diwali sales this year hit a record high of Rs 6.05 trillion (USD 68.77 billion), which comprises both Rs 5.40 trillion (USD 61.30 billion) in goods and Rs 65,000 crore (USD 7.39 billion) in services, said a report of Confederation of All India Traders (CAIT) today.
India's apex trade body, CAIT, attributed this Diwali boom to recently reduced goods and services tax (GST) rates, noting that 72pc of surveyed traders linked higher sales to lower GST on daily-use times.
Earlier in September, the 56th GST Council has approved major reforms simplifying tax slabs to two main rates of 5pc and 18pc while eliminating the 12pc and 28pc slabs. Moreover, a 40pc rate was introduced on 'sin goods' and numerous tax reductions were ...