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

Courtesy: American Apparel

Apparel/Garments | On 25th Feb 2017

Gildan to make some American Apparel products outside US

Gildan Activewear, which recently acquired US fashion brand American...

Courtesy: Kolon Sport

Apparel/Garments | On 25th Feb 2017

Kolon Sport to set up JV with ANTA for Chinese market

Kolon Sport, an outdoor gear and clothing brand of Korea based Kolon...

Designer Karishma Jumani with Niraj Jawanjal, founder and director of IIFW. Courtesy: IIFW

Textiles | On 25th Feb 2017

IIFW to bring together premium lingerie brands

India Intimate fashion Week (IIFW), dedicated to showcasing the...

Interviews View All

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Suresh Patel
Sidwin Fabric

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

Kevin Nelson
TissueGen

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

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

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
February 2017

February 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search