As India heads into the busiest shopping window of the year, retailers, e-commerce platforms, and banks are stepping up with a flurry of discounts, cashback schemes, and loan offers. The timing is critical: GST 2.0 reforms came into effect on September 22, reducing levies on millions of products. Platforms and banks see this as an opportunity to fuel demand, encourage big-ticket spending and take full advantage of the tax reduction.

“GST is going to spur the growth of branded consumption very clearly. Therefore, the branded connection with lowering the price points is going to be very important,” said Ravi Kapoor, partner and leader, retail and consumer, PwC, while adding that GST will definitely help to reduce the overall cost footprint, which is an important consideration for a lot of consumers. 

E-commerce sets the pace

Amazon’s Great Indian Festival 2025 begins on September 23, with Prime members getting early access a day earlier. The sale features up to 40% off on smartphones from Apple, Samsung, iQOO and OnePlus, and as much as 80% off on electronics and accessories from HP, Samsung and Sony. Home appliances are being discounted by up to 65%, alongside exchange offers and no-cost EMI options. Everyday essentials — from baby care to food and beverages — carry up to 70% off.

Apple’s iPhone 15, listed at ₹59,900 before the sale, will drop to ₹45,249 after applying bank discounts, while the Samsung Galaxy S24 Ultra will be priced at under ₹80,000. “This year, customers can look forward to the lowest prices of the year on over one lakh products… With a reduction in GST on millions of products, along with exciting deals already planned by sellers, customers can look forward to great savings,” said Saurabh Srivastava, VP – Categories, Amazon India.

Flipkart’s Big Billion Days 2025 also kicks off on September 23, offering “blockbuster discounts” on the iPhone 16 series, Samsung’s S24 lineup, and Motorola Edge 60 Pro. Discounts extend to 75% off on home appliances, fashion and personal care, coupled with no-cost EMI and early access for Flipkart Plus members.

Electronics and lifestyle retailer Croma is also betting big on festive demand. “Festive season shopping in India is seeing strong momentum, with consumers increasingly looking to upgrade their homes and invest in thoughtful, value-driven gifts. To meet this demand, Croma has rolled out exciting festive offers across categories,” said a Croma spokesperson.

The retailer is offering huge discounts starting from 15% on TVs, smartphones, refrigerators, washing machines, air conditioners and small home & kitchen appliances. The company has also curated a festive private-label range aimed at gifting and upgrades. Highlights include the Croma 20W Portable Bluetooth Speaker at ₹1,299, the VelocityGF Smartwatch with Bluetooth calling and AMOLED display at ₹2,499, the 3.5L Digital Air Fryer at ₹2,999, the 1000W Juicer Mixer Grinder (4 Jars) at ₹3,499, the 10,000mAh MagSafe Powerbank at ₹1,499, and the 2200W Infrared Cooktop at ₹2,499. These offers are available both in-store and on their website.

Fashion and lifestyle players join the rush

Meanwhile, Myntra’s Big Fashion Festival opens earlier on September 20 with early access on the 19th, showcasing over 4 million styles from 15,000 brands, including ethnic wear and beauty products. Offers include 10% instant discounts on HDFC credit cards and a flat 7.5% cashback using Flipkart SBI credit cards, catering to shoppers seeking premium and ethnic collections.

“This year, customers will be able to choose from a wide variety of over 4 million styles, with the convenience of fast delivery and a seamless shopping experience. With millions of shoppers expected to participate, we are excited to deliver a joyful, convenient, and truly memorable shopping experience that celebrates the spirit of the season,” said Bharath Kumar, senior director, Revenue and Growth, Myntra.

Beauty retailer Nykaa has also joined the festive line-up with its Festive Mega Sale for Navratri and Pujo, which came live on September 17. Key deals include up to 35% off on Nykaa Cosmetics, a flat 50% off on Nykaa Wanderlust, Nykaa Perfumary, Nykaa Skin and Nykaa Tools, and up to 50% off on Mamaearth products. Shoppers can also pick up Kay Beauty festive picks at up to 20% off, Maybelline New York bestsellers at up to 40% off, and similar 40% discounts on Olay and L’Oréal Paris.

Meesho’s Mega Blockbuster Sale goes live on September 19, targeting value-conscious consumers with up to 40% off on smartphones and 80% off on categories like electronics, fashion, beauty, and home products. The platform is emphasising content-driven commerce such as short videos and live streams to enhance customer engagement.

Snapdeal’s Bharat Swagotsav also launched on September 19, featuring special Tehalka Deals at Rs 30 for early customers, Loot Hours for extra discounts, and a dedicated GST Benefits section for additional savings. “Bharat Swagotsav isn’t just another sale. It’s a celebration of India’s festive spirit, combining fashion, tradition, and incredible value while supporting small Indian sellers,” said Achint Setia, CEO. 

At the same time, jumping on the bandwagon are quick commerce platforms Swiggy Instamart and Zepto. They are adding a new dimension to festival shopping with rapid delivery and massive discounts. Swiggy Instamart’s 10-day sale, Quick India Movement, offers up to 70% off on categories including ethnic wear and dry fruits. Zepto’s Fastest Sale Ever, live since September 11, boasts discounts of up to 90% across gadgets, fashion, beauty, and festive essentials. Devendra Meel, chief business officer at Zepto, highlighted the focus on "early festive excitement and lightning-fast delivery" with marquee brand tie-ups and bank offers.

Banks roll out their festive playbooks

National and private sector banks have launched their own festive campaigns with discounts, instant cashback, and EMI options across partner retailers and platforms. ICICI Bank’s Festive Bonanza includes deals across e-commerce, smartphones, electronics, fashion, travel, groceries, and dining - offering discounts and cashbacks up to Rs 50,000. Customers can avail of offers via credit/debit cards, internet banking, and cardless EMI.

Meanwhile, Axis Bank is offering up to 25% off on some credit card EMIs, including Rs 10,000 off on Apple products, Rs 20,000 off on Haier, and Rs 10,000 off on Lenovo EMIs. Other partner retailers in lifestyle and home essentials such as Pepperfry, Livspace, and Tata Cliq are offering discounts between 10% and 25%, often with additional bank cashback and reward schemes.

“Festivals in India bring a surge in spending, with customers seeking value across shopping, travel, and more. To enhance their festive experience, Axis Bank has partnered with leading brands to offer a curated bouquet of deals and discounts on credit cards, along with easy EMIs on big-ticket purchases like electronics and travel,” said Arnika Dixit- president & head- Cards, Payments & Wealth Management, Axis Bank.

Bank of Baroda is not far behind with its annual festive campaign, “BOB Ke Sang Tyohaar Ki Umang – Shubh Bhi. Labh Bhi”. The bank is offering home loans starting at 7.45% per annum with nil processing fees, and has reduced car loan rates to a floating 8.15% per annum. Customers can borrow up to 90% of the on-road price of vehicles, with repayment periods of up to 84 months and quick digital approvals. The campaign also extends benefits on the bob Masterstroke Lite Savings Account, including a free EaseMyTrip debit card with travel offers, discounts on lockers, and interest concessions on retail loans.

HDFC, Axis, and Kotak Mahindra Banks have also introduced festive loan offers with discounted processing fees and flexible repayment options, including EMI Lite plans that allow deferred repayments, aiming to extend credit growth beyond the festive season.

Travel platforms cashing in 

Major travel platforms are not missing out on the festive cheer. Paytm's Maha Carnival Sale, Cleartrip’s Big Billion Days, and Yatra’s Big Outing Fest are live with discounts of up to 20% on domestic and international flights, hotels, and bus bookings. IndiGo’s flight sale offers fares starting at Rs 1,299 for domestic and Rs 4,599 for international travel on a limited-time basis.

Bank partnership offers enhance these discounts further: Bank of Baroda cardholders get up to 14% off domestic flights, 10% on international flights, and 20% on buses; ICICI Bank offers up to 10% off flights; RBL Bank provides flat 12% discounts on domestic flights; and HSBC customers can enjoy up to 12% off on flights.

The reduction in GST on millions of products from September 22 provides an additional impetus to these festival deals. "With a reduction in GST on millions of products, along with exciting deals already planned by sellers, customers can look forward to great savings during this Amazon Great Indian Festival," said Srivastava of Amazon. 

Financial institutions and platforms are clearly poised to leverage the combined festive season and tax benefit to boost consumer sentiment and spending power.