Weeks before Goods and Services Tax (GST) rolls out, Future Retail has been working with vendors and its partners to ensure "no disruption" in supply chain in the indirect tax regime, a top company official said on Tuesday.
"We are getting prepared. There are certain uncertainties. We have 20 days of time to address these uncertainties. The first parameter was what to do with transition stock and would there be an impact on that.
"We worked with vendors and all our supply partners. We are trying to ensure that there is no disruption in the supply chain as we come to July 1. We will be ready for GST," said the company's Joint Managing Director Rakesh Biyani.
The GST Council has been working overtime and there is clarity on many things and few more will get done in couple of weeks, Biyani told BTVi in an interview.
Asked about reports related to de-stocking and retailers refusing to stock companies' products in the transition period, he said, "...disruptions are unfounded. There is no need to destock or stop buying. The transition rules are quite clear."
Responding to a query that companies are discounting products, he said: ""Discounting is the not the way to approach the model. Whatever is happening it (Discounting) is part and parcel of the businesses. I don't think discounting is happening for the sake of GST."
--IANS
bdc/vd
Disclaimer: No Business Standard Journalist was involved in creation of this content
