Walmart hasn’t always had a positive relationship with its suppliers, but in India, the retail conglomerate is hoping to act as a partner to its smaller vendors as the nation readies for a tax overhaul.
Reports Monday (May 22) said Walmart India is launching a workshop for its SME supplier partners to prepare for India’s new Goods and Services Tax (GST) structure.
“GST is not just a tax reform, it is a whole new way of doing business,” said Walmart India President and CEO Krish Iyer in a statement. “With its impending implementation, it is imperative for all businesses, large and small, to get ready to embark on the GST adoption journey”
“As a significant number of our supplier base constitutes of SME and regional suppliers, these workshops are expected to educate them and accelerate their preparation by providing them with a platform to answer queries and concerns,” Iyer added.
Analysts said Prime Minister Narendra Modi’s tax reform is one of the largest since the nation’s independence. Walmart India has welcomed the reform, dubbing it an “extremely progressive” initiative last year, reports said. Last Friday, the government released the new tax rates, a move Iyer described as “good progress in this journey.”
“GST is one of the critical tax reforms which has potential to create one single market in India for goods and services and will boost the country’s economy significantly,” the executive added.
Walmart India is hoping to help SMEs adhere to these new tax rules to minimize disruptions to its supply chain, reports said. The workshops, some of which have already occurred, will provide training and educational resources to small suppliers. The workshops will be held throughout India in the coming weeks, reports added.
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