Retailers want FMCG firms to cut prices after GST roll-out

Once the goods and services tax (GST) is rolled out, targeted from July 1, makers of fast-moving consumer goods should be able to cut prices by 2 to 20 per cent, said Kishore Biyani, group chief executive officer of the Future Group on Tuesday. He was attending a meeting of a dozen national and international retail chains, such as Walmart, DMart, Future Group, Aditya Birla Retail, and Trent in Mumbai. They were discussing the impact of the GST on retailers and customers. Biyani said the Future Group’s consumer goods company, Future Consumer, would cut prices by 2-20 per cent. The CEO of another retail chain, who did not want to be named, said in the GST regime, retailers could lose up to 2-3 per cent of their margins if FMCG companies did not revise prices. “Our net margins are 2-3 per cent. If we are not given input credit, we will incur losses,” he added. Astrology and Numerology Trading Tips