Lifestyle International, the India-based fashion retailer, has been ordered by the National Anti-Profiteering Authority to refund the "profiteered" amount on a product after failing to pass on a GST reduction.
Large e-commerce firms including Amazon and Flipkart have asked the government to defer its planned GST regulation amendment that is set to be enforced on October 1, as it would create compliance issues.
India’s apparel exports are likely to stay subdued in the near term, growing at a modest pace of 1-2 percent for the rest of this fiscal due to factors like transition to the GST regime and liquidity challenges.
India launched the GST just over a year ago aiming to unify the sprawling economy, but critics say its complexities have driven many small enterprises out of business and forced hundreds of thousands out of jobs.
Koovs continues to be lossmaking but its losses are reducing as margins improve and its recent funding round has left it confident of future growth in a market where only 1% of sales currently happen online.