As the Goods and Services Tax (GST) is scheduled to roll out in July, 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.
Rakesh Biyani, Joint Managing Director, Future Retail, said, "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."
He added, "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."
When 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."
Biyani added, "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."