New PAN rule hits sales of luxury items
Zee Media Bureau
New Delhi: The store owners of luxury goods are observing dampened sales due to the implementation of new PAN rule.
Store owners are complaining that customers are reluctant in sharing their PAN due to fears of getting trapped in unnecessary hassles. This is resulting in fall in sales.
The government had made PAN compulsory for all transactions above Rs 2 lakh, effective January1, 2016. The move was seen as a way to curb black money in big transactions.
Luxury stores selling products such as handbags, watches and writing instruments are seeing sales hit as customers going for such products now prefer to shop abroad.