Relaxo Footwears Ltd reported a decline of 38 percent in its net profit at Rs 63 crore ($8.2 million) for the fourth quarter ended March 2022, as against a net profit of Rs 102 crore it reported in the year-ago period.
The Confederation of All India Traders has urged the government to exempt businesses retailing goods through e-commerce platforms from goods and service tax registration, believing this will hamper digital growth.
The All India Gem and Jewellery Domestic Council has urged the central government to reduce the goods and services tax on jewellery in its upcoming budget for 2022 in order to enable businesses to weather the pandemic.
Footwear maker Khadim India is eyeing revenue of Rs 625-650 crore ($90 million) in the current fiscal, despite the fresh disruptions caused by the Omicron variant of Covid-19 coupled with 7 percent GST hike.
Following criticism from industry bodies, the government stands firm in its belief that higher Goods and Service Tax rates on footwear will reverse the inverted duty structure and lead to cheaper consumer prices.
Western wear brand Madame plans to increase its retail prices in India from between 11% and 12% from March, 2022, due to increased distribution costs and duties. The brand is on track to reach 170 stores this fiscal.