Kolkata marts are gearing up

The hype and anxiety around GST, which had taken the country by storm, seem to have fizzled out in Kolkata as the spending spree witnessed during Durga Puja has continued in to Diwali as well.

Jewellery shops, too, seem to be over the lull that they had witnessed in July this year, when the GST was rolled out.

Sushil Mohta, Director of South City Projects, which had put up the South City Mall on Prince Anwar Shah Road, agreed that the GST effect had died down. "Market took a hit initially but thanks to the Puja, Diwali, and some smart moves by manufacturers and retailers, it has now recovered. In Kolkata, many retailers have adjusted their prices. Together with manufacturers, they have absorbed some of the shock caused by GST," he told DNA on Monday.

He added that the footfall at not only South City mall but also at Acropolis, another mall on the Rajdanga Main Road in East Kolkata Township, was very encouraging.

Jewellers said they had incurred huge losses with the implementation of GST but were hopeful of recovering most of it. Subhankar Sen, Executive Director, Senco Gold and Diamonds said: "As GST was implemented while the infrastructure was not ready, there was a slump in supply of gold. Synchronising software and billing took some more time and so July and August witnessed a huge slowdown in business. Buyers, too, decided to defer purchases till the market stabilised."

He added: "By mid-September, the market had started recovering and the removal of the cap on gold purchase gave the industry the much-required fillip. We can only hope that by the end of the festive season, the industry will make up for the initial losses. Thankfully, owing to the movement in the international market, gold prices have dipped. So that, too, has given some boost to prospective buyers."