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Phased introduction of GST pleases Planet Retail CEO
22 Mar '12
2 min read
“I am pleased that the Finance Minister has announced a phased introduction of Goods and Services Tax (GST) in this Union Budget from August 2012, said Dr Ramesh Tainwala, CEO - Planet Retail Holdings Pvt. Ltd.
Mr Tainwala was responding to queries from fibre2fashion of his reaction to the recently announced budget by Indian Finance Minister, Mr Pranab Mukherjee.
Planet Retail Holdings Pvt. Ltd. offers some of the best global brands in the fashion industry like Guess, Next, Guess by Marciano and Accessorize catering to fashion & lifestyle retailing segments.
He said, “GST will streamline the various taxes we are required to pay and bring almost all transactions under a single tax net. We await the implementation of GST from August of this year, as it should bring about a reduction in costs in most retail products.
“However, the increase in Service Tax from 10% to 12% will cause an increase in tax on rentals amongst other costs related to the retail sector, so a customer will have to pay slightly more on everything from fashionable apparel to luggage”.
“The Finance Minister's statement about the active efforts on for the introduction of 51 percent Foreign Direct Investment (FDI) in multi-brand retail is a welcome sign for the Indian retail sector, as well as, for the consumer who seeks more quality and choice in the marketplace”, he concluded by saying.
The COO of Planet Retail – Mr Vikas Purohit added by saying, “We had hoped for a greater increase in the tax exemption limit. The increase from Rs 180,000 to Rs 200,000 does not really provide much additional disposable income for the common man.”
Mr Tainwala was responding to queries from fibre2fashion of his reaction to the recently announced budget by Indian Finance Minister, Mr Pranab Mukherjee.
Planet Retail Holdings Pvt. Ltd. offers some of the best global brands in the fashion industry like Guess, Next, Guess by Marciano and Accessorize catering to fashion & lifestyle retailing segments.
He said, “GST will streamline the various taxes we are required to pay and bring almost all transactions under a single tax net. We await the implementation of GST from August of this year, as it should bring about a reduction in costs in most retail products.
“However, the increase in Service Tax from 10% to 12% will cause an increase in tax on rentals amongst other costs related to the retail sector, so a customer will have to pay slightly more on everything from fashionable apparel to luggage”.
“The Finance Minister's statement about the active efforts on for the introduction of 51 percent Foreign Direct Investment (FDI) in multi-brand retail is a welcome sign for the Indian retail sector, as well as, for the consumer who seeks more quality and choice in the marketplace”, he concluded by saying.
The COO of Planet Retail – Mr Vikas Purohit added by saying, “We had hoped for a greater increase in the tax exemption limit. The increase from Rs 180,000 to Rs 200,000 does not really provide much additional disposable income for the common man.”
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