Home / Knowledge / News / Apparel/Garments / Retailers seek tax benefits in Budget 2016
Retailers seek tax benefits in Budget 2016
25
Feb '16
In the upcoming Union Budget 2016-17, apparel retailers expect a continuation in current tax benefits and are seeking additional reductions for uplifting the industry – both in taxes directly related and not directly related to the industry.

“The expectation is to address the problems of the sector at large,” Arun Ganapathy, CFO of Spykar told Fibre2Fashion.com. “It is imperative that the budget does not tax too much, and consumers are optimistic about the economy and ready to spend. We, being in the discretionary spend sector, will face headwinds in our growth journey, unless the cash position of the end-consumer improves.”

The retail sector is expected to grow at a rate of 12-13 per cent this year, he informed. Any additional taxation will definitely impact this growth. Even if the players resort to price increases, the upward movement of the sector will be affected.

Ganapathy also hopes that the finance minister will lay a plan for the implementation of the Goods and Services Tax (GST).

On a similar note, Ranjiv Ramchandani, director and founder of Tantra T-shirt said, “Every budget, retail brands cross their fingers. The hope, as always, is that no new or additional taxes are levied and there is a resolution to VAT, so as to simplify all inter-state transactions.”

There should also be tax incentives and sops for retail start-ups like Tantra, as this will allow them to scale operations, improve profitability and offer greater footprint and employment to a larger section of the population, he adds. (MCJ)

Fibre2Fashion News Desk - India


Must ReadView All

Textiles | On 20th Sep 2017

India needs to double cotton farmers’ income: top official

India needs to double the income of cotton farmers and non-farmers...

Textiles | On 20th Sep 2017

Pakistan seeks more JVs with China: textile minister

The Pakistani Government wants to forge more joint ventures (JVs)...

Apparel/Garments | On 20th Sep 2017

Egypt’s garment exports touch $941 million in 8 months

Egypt's garment exports touched $941 million in the first eight...

Interviews View All

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Yash P. Kotak
Bombay Hemp Company

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

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

September 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


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