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Economic Times
5 hours ago
- Economic Times
Etailers prepare brands for business in GST 2.0 era
Synopsis Flipkart and Amazon are in discussions with brands regarding the potential impact of the proposed GST reduction on demand. The ecommerce giants are concerned that consumers might delay purchases, especially of high-value items, anticipating lower prices. While festive sales will proceed as scheduled, platforms are preparing for a possible surge in demand later, urging brands to maintain sufficient inventory. ANI Representational image Walmart-owned Flipkart and Amazon have initiated talks with leading brands on ways to deal with the proposed goods and services tax (GST) reduction. The ecommerce marketplaces believe lower taxes could dent demand in the transitory phase as consumers may wait for prices to fall, especially for high-value goods like electronics, industry executives marketplaces are particularly concerned about the impact on their upcoming flagship festive sales, their most crucial annual sales event. This sale happens ahead of the Navratri festival when the new GST rates are unlikely to come into effect, the executives GST Council is likely to meet in the third week of September to finalise the new GST rates and the date of implementation.A group of ministers on GST rate rationalisation on Thursday approved the Centre's proposal to eliminate the 12% and 28% slabs, consolidating the GST structure into two rates-5% and 18%. A higher levy of 40% GST could be levied on sin products like alcohol, tobacco, and some luxury goods. While executives said Flipkart's Big Billion Days and Amazon's Great Indian Festival will happen as per schedule in September to ensure their month-long sales calendar is not impacted, the platforms told brands to be prepared for a late surge in sales in October in the second and third leg of their festive sales. The sales are likely to start around September 16-19. Brands have also been asked to keep sufficient inventory ready in case the GST rate cut is effective earlier than expected, which would lead to a demand spurt as prices would fall by at least 8-9%, the executives and Flipkart did not respond to email Singh Marwah, chief executive at online-focused TV manufacturer Super Plastronics said the ecommerce platforms do not want to postpone their flagship festive sales. The company is licensed to sell brands such as Kodak, Thomson, and Blaupunkt."We fear consumers may postpone their purchases which may impact the first leg of the sale, but with the expectation that the GST rates will be cut by early October before Diwali it should be compensated then. The platforms have asked brands to keep sufficient stock for a late pick up," said first sale of the ecommerce platforms around Navratri is the largest business period for online platforms in India, contributing 40-50% of the total festive ecommerce business. Discounts also tend to be the highest during this Gupta, cofounder at wearable and hearable brand GoBoult, said the company has already produced and supplied the festive inventory to its partners in Amazon and Flipkart. He said the sales are happening as per plans though a GST rate cut may further boost demand. Around 80% of the brand's revenue comes from ecommerce.
Hindustan Times
7 hours ago
- Hindustan Times
‘Silence will embolden bully': Chinese envoy's message to India on 50% US tariff
NEW DELHI: Chinese ambassador Xu Feihong likened the US to a 'bully' on Thursday and said Beijing will stand with New Delhi to uphold the multilateral trading system at a time when Washington is using tariffs to demand 'exorbitant prices' from other countries. In this image released by @China_Amb_India via X, Chinese Ambassador to India Xu Feihong delivers a speech at 'SCO Summit 2025: Resetting India-China Ties', in New Delhi. (X/@China_Amb_India via ANI) The envoy's remarks, made during a discussion on the upcoming Shanghai Cooperation Organisation (SCO) Summit in Tianjin next week that Prime Minister Narendra Modi will attend, reflected the sudden thaw in India-China relations against the backdrop of growing strains between New Delhi and Washington over trade-related differences. 'At present, tariff wars and trade wars are disrupting the global economic and trade system, power politics and the law of the jungle are prevalent, and international rules and order have suffered severe impacts,' Xu said, adding global trade shouldn't be a tool for 'pursuing individual selfish interests'. China, Xu said, 'firmly opposes' the tariffs of up to 50% imposed on India by the US. 'In the face of such acts, silence or compromise only emboldens the bully. China will firmly stand with India to uphold the multilateral trading system with the World Trade Organisation (WTO) at its core,' he said. The US, which greatly benefited from free trade, is now using 'tariffs as a bargaining chip to demand exorbitant prices from various countries', he said. Amid 'hegemony, protectionism, power politics and bullying', China and India should lead in promoting an equal and orderly multipolar world, he added. The Trump administration is set to impose a 25% punitive tariff on Indian exports from August 28 over Russian oil purchases, on top of a 25% reciprocal tariff already in place. The US has also called off talks on a proposed trade deal with India amid the worst downturn in bilateral ties in more than two decades. The strained India-US ties appear to have spurred efforts by New Delhi and Beijing to normalise their relations in the aftermath of a prolonged military face-off on the Line of Actual Control that ended last October, and Chinese foreign minister Wang Yi's meetings with top Indian leaders in New Delhi this week resulted in a slew of initiatives, ranging from an 'early harvest' in boundary delimitation to resumption of direct flights and promotion of trade and investment flows. Xu, who was part of a panel that included former Indian Army chief General MM Naravane (retd) and retired diplomats, said the Global South is concerned about how China and India can take the lead to help developing countries overcome difficulties and 'safeguard international fairness and justice'. Modi's visit to China to attend the SCO Summit on August 31 and September 1 will inject new impetus to the improvement of China-India relations at a time when the world is experiencing a turbulent period, he said. Noting that bilateral trade has exceeded $100 billion for many years, Xu said 'confrontation and antagonism will only lead to a lose-lose situation'. Xu used the discussion, whose theme was 'SCO Summit 2025: Resetting India-China ties', to propose suggestions for improving bilateral relations, including enhancing 'strategic mutual trust', working as partners rather than rivals, and managing differences through dialogue. 'We welcome more Indian commodities to enter the Chinese market. India has a competitive edge in IT, software and biomedicine, while China is seeing rapid expansion in the fields of electronic manufacturing, infrastructure construction and new energy,' he said. 'The Chinese side welcomes more Indian enterprises to invest in China. It is also hoped the Indian side could provide a fair, just and non-discriminatory business environment for Chinese enterprises in India,' he added. The two sides should promote people-to-people contacts and liberalise visas, he said, noting China issued over 280,000 visas to Indians last year. The two sides are also engaged in discussions on the resumption of direct flights, the posting of resident journalists, and visa facilitation.
Indian Express
8 hours ago
- Indian Express
‘Silence only emboldens the bully': Chinese envoy says ‘firmly oppose' US tariffs
Chinese Ambassador to India Xu Feihong on Thursday accused the United States of acting like a 'bully', saying Washington had long enjoyed the benefits of free trade but was now weaponising tariffs as 'bargaining chips.' 'US has long been benefited greatly from free trade but now uses tariffs as bargaining chips to demand exorbitant prices from various countries. The US imposed tariffs of up to 50 per cent on India, and has even threatened for more. China firmly opposes it. In the face of such acts, silence or compromise only emboldens the bully. China will firmly stand with India to uphold the multilateral trading system with the world trade organisation,' Xu said. Feihong also said that tariff and trade 'wars' were disrupting the global economic and trade system. #WATCH | China's ambassador to India, Xu Feihong says, '…US has imposed tariffs of up to 50% on India and even threatened for more. China firmly opposes it. Silence only emboldens the bully. China will firmly stand with India .' — ANI (@ANI) August 21, 2025 Pointing to Beijing's support for New Delhi, the envoy added that 'China will firmly stand with India', describing the two nations as 'double engines of economic growth in Asia.' 'China and India's friendship benefits Asia. We are the double engines of economic growth in Asia. India and China unity benefits the world at large,' Xu said. Calling for deeper collaboration, Xu said India and China had a 'responsibility to take the lead in promoting an equal and orderly multipolar world.' On trade, he offered assurances that 'all Indian commodities are welcome to enter the Chinese market' and urged the two countries to 'enhance strategic mutual trust' and 'avoid mutual suspicion.' Xu's remarks came days after Prime Minister Narendra Modi met Chinese Foreign Minister Wang Yi in New Delhi. Modi is also expected to travel to China later this year for the SCO leaders' summit. 'Together, we can open a new chapter of a dragon-elephant tango,' Xu Feihong said speaking about the upcoming Summit.
