Budget 2012: Reduce excise duty on branded apparel, says Govind Shrikhande, MD, Shoppers Stop
Introduction of Excise Duty on branded apparels in the last Budget has led to a huge drop in demand; hence the sector expects an reduction in excise duty.
By Agencies | Updated:
NEW DELHI: If organised retail is to grow at its own projected pace, the Union government needs to accord it an industry status first. It needs to also implement the goods and service tax (GST), simplify taxes and invest in infrastructure development. These were the key budgetary recommendations of a panel comprising doyens of the retail sector in Kolkata recently.
Govind Shrikhande, MD, Shoppers Stop says, "Given the current economic scenario, we expect strong measures & economy boosters from the Union Budget to restore confidence and spur growth. The implementation of nationwide GST will help in simplifying the entire tax structure, thereby cutting business costs and helping to generate more revenues. It would be a win-win situation for both customers & retailers.
In the last Budget, the introduction of Excise Duty on branded apparels has led to a huge drop in demand; hence we would expect an exemption/reduction in excise duty on branded apparel. This along with a cutback in service tax on rent will serve as a fillip to the retail sector. And finally, we hope Direct Tax Code (DTC) sees the light of day very soon since more money in the customer's pocket will lead to a boost in spending."
Budget 2012 at ET: Budget 2012 | Union Budget | Rail Budget 2012 | Budget News
FICCI in its pre-budget memorandum to the government on the retail sector said that supply chain investments need to be incentivized.
Govind Shrikhande, MD, Shoppers Stop says, "Given the current economic scenario, we expect strong measures & economy boosters from the Union Budget to restore confidence and spur growth. The implementation of nationwide GST will help in simplifying the entire tax structure, thereby cutting business costs and helping to generate more revenues. It would be a win-win situation for both customers & retailers.
In the last Budget, the introduction of Excise Duty on branded apparels has led to a huge drop in demand; hence we would expect an exemption/reduction in excise duty on branded apparel. This along with a cutback in service tax on rent will serve as a fillip to the retail sector. And finally, we hope Direct Tax Code (DTC) sees the light of day very soon since more money in the customer's pocket will lead to a boost in spending."
Budget 2012 at ET: Budget 2012 | Union Budget | Rail Budget 2012 | Budget News
FICCI in its pre-budget memorandum to the government on the retail sector said that supply chain investments need to be incentivized.
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