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

Indian govt approves special package for leather, footwear

Textiles | On 16th Dec 2017

Indian govt approves special package for leather, footwear

The Union Cabinet chaired by PM Narendra Modi has approved a special...

EU parliament resolution calls for Cambodia sanctions

Apparel/Garments | On 16th Dec 2017

EU parliament resolution calls for Cambodia sanctions

Following the ongoing crackdown in Cambodia on the opposition and...

Affordable prices to be hit if US pulls out of NAFTA: NRF

Apparel/Garments | On 16th Dec 2017

Affordable prices to be hit if US pulls out of NAFTA: NRF

US retailers’ ability to offer consumers quality products at...

Interviews View All

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Suresh Patel
Sidwin Fabric

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

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Pranav Mishra
Huemn

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

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Ritu Kumar
Label Ritu Kumar

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

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

December 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
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

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
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

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
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

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
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


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