Home / Knowledge / News / Apparel/Garments / Timing wrong for VAT increase, complain retailers
Timing wrong for VAT increase, complain retailers
02
Apr '09
The government is contemplating increasing the standard Value Added Tax (VAT) from 15 percent to 17.5 percent from January 1, 2009. Retailers are up in arms saying that the timing is wrong and have requested the government to extend the date.

The retailers and experts say this change will come bang in the middle of the busiest time of the year, Christmas and New Year, which will create nothing else other than chaos and confusion for the traders as well as the consumers.

They say it will be a struggle and challenge to change accounting systems and pricing in that period. The Scottish Retail Consortium is in talks with the government to work out a date convenient to all and sundry.

VAT had been reduced by 2.5 percent to stimulate spending amongst the consumers in December 2008, but again reports have crept in of some retailers not passing on that benefit to the consumers, whom it was meant to benefit.

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 27th Apr 2017

UL joins ZDHC programme

UL Consumer & Retail Services (CRS), a global safety science company, ...

Textiles | On 27th Apr 2017

Maharashtra govt working on second textiles policy

The textiles department of the government of Maharashtra is working...

Apparel/Garments | On 27th Apr 2017

EC takes action to make garment sector more sustainable

The European Commission (EC) has presented a set of focused actions...

Interviews View All

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Subhashini Srinivasan
The S Studio

Ethnicwear market will see an upward trend if uniqueness and quality are...

Deepak Jain
Baggout

We are using Facebook and Instagram to promote ourselves

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X