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 29th Apr 2017

Slight drop in Unifi 2017 Q3 sales

The net sales of Unifi Inc., one of the world's leading innovators in ...

Apparel/Garments | On 29th Apr 2017

US retail operating growth to be 1.5-2.5% in 2017: Moody's

The forecast for operating income growth in the US over the next 12...

Textiles | On 28th Apr 2017

India lifts CVD imposed on Nepali Jute goods

The countervailing duty (CVD) that was imposed on Nepali jute...

Interviews View All

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Larry L Kinn
Suominen Corporation

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

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Silke Brand-Kirsch
Schlegel und Partner

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

Robert Brunner
Devereux

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

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

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