Metro Cash and Carry urges the government. to encourage digital transactions for merchants, Retail News, AND Retail
âWith the growing focus by the government on a cashless economy, the wholesale and retail sector would benefit greatly from any initiative to incentivize digital transactions for merchants. “
Reducing or removing restrictive fees on credit / debit card and mobile wallet transactions could help boost small businesses and entrepreneurs, who typically prefer to process cash and avoid digital payments for this reason, âArvind Mediratta, CEO and Managing Director, METRO Cash & Carry India said.
Mediratta has called for an upward revision of the minimum tax bracket for the benefit of small businesses and self-employed professionals.
“Favorable tax rates under the proposed Goods and Services Tax would benefit the wholesale sectors as well as the real estate and infrastructure sectors, which have a direct impact on the growth of retail trade. retail organized across the country. GST would also greatly contribute to smooth logistics and efficient supply chain across states, which are the backbone of our Cash & Carry industry, âadded Mediratta.
Metro Cash & Carry currently operates 23 stores across India and although the company did not share its latest profits, according to the ROC data filing in November 2016, in 2015-2016 Metro Cash & Carry achieved growth 16% year over year in income to Rs 4,629 crore, with after-tax loss reduced to Rs 91 crore.
Currently, the wholesale and retail business in India is facing issues related to high property prices in Tier I cities, especially Delhi and Mumbai, which in retrospect affects the expansion plans of these brands. in this retail segment. There is a low availability of large plots of land.
In addition, there is a need for one-stop licensing authorization in states to facilitate retail and wholesale trade. Therefore, according to experts, the next budget should address these issues and also support and invest to strengthen the supply chain infrastructure relating to wholesale and retail trade in the country.