Advertisement
Tuesday, Oct 19, 2021
Outlook.com
Outlook.com

For Budget 2018, Retailers Expect Relaxation In GST Tax Slab

This will be the last full-fledged budget to be presented by the Narendra Modi-led government, and the first one post the roll out of the GST.

For Budget 2018, Retailers Expect Relaxation In GST Tax Slab
| Representative Image- File
For Budget 2018, Retailers Expect Relaxation In GST Tax Slab
outlookindia.com
2018-02-01T10:23:27+05:30

As the day finally arrives for the Finance Minister to present the Union Budget, the Goods and Services Tax (GST) has emerged as the main concern among retailers, who expect a relaxation in the tax slabs across various product categories.

ANI asked the retailers of Hyderabad about their expectations from the budget, and the majority ascribed the dip in their business to GST and hoped the latest budget would provide some relief.

"There is only one thing we want the government to change in budget revision, and that is to reduce the GST percentage on footwear which is 18 percent now," the footwear retailers said.

They also demanded that the filing of taxation be made easy.

The stationery owners said the 12 percent GST has tremendously affected business, and indicated that a further increase would incur them heavy losses.

The pan shop retailers have also faced a setback from GST and said the latest budget revision should remove the GST on pan and tobacco products.

Textile retailers told ANI that the costs have increased despite the five percent GST on textile as an extra tax is charged on manufacturing as well which adds to the total cost and thereby the retail rates.

"We have to put that charges even for customers which results in more cost and the public will not be able to purchase, and ultimately it will affect our business. So it would be better if there will be some changes in the percentage of GST on textile," told one seller.

For toy products, the public is not ready to pay the GST, as VAT is already applicable on them, the toy shop retailer said.

"For that we either have to increase the toys rates for profit or not charge GST as the customers will not buy if it is applicable," one of the retailers said.

The hardware retailers are also expecting a tax cut, as they said the business has been running low because of the GST.

Most of the gold jewellery retailers said they prefer old tax of one percent on ornaments instead of three percent, "We are expecting this revision as well as a tax reduction on the transportation."

Handloom traders also expect no tax, saying it takes a lot of hard work.

Meanwhile, business in sweet shops have been normal, with five percent GST on the sweet products, and the sellers hoped there is no increase in the upcoming budget revision.

ANI

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

China Has Increased Activities At 'In-Depth' Areas Near Arunachal: Eastern Army Commander

China Has Increased Activities At 'In-Depth' Areas Near Arunachal: Eastern Army Commander

'The annual training exercise that the PLA carries out there has seen some increase in the level of activities in the depth areas,' Lt Gen Manoj Pande said.

Uttarakhand Rains Claim 11 More Lives, PM Modi Takes Stock Of Situation

Uttarakhand Rains Claim 11 More Lives, PM Modi Takes Stock Of Situation

The state authorities have advised Chardham pilgrims not to proceed to the Himalayan temples till the weather improves.

PCB, BCCI Need To Be Friends Before Any Bilateral Series: Ramiz

PCB, BCCI Need To Be Friends Before Any Bilateral Series: Ramiz

PCB chairman Ramiz Raja personally met BCCI president Sourav Ganguly and secretary Jay Shah on the sidelines of the ACC meet in Dubai recently.

US Court Rejects Nirav Modi's Plea For Dismissal Of Fraud Allegations

US Court Rejects Nirav Modi's Plea For Dismissal Of Fraud Allegations

The allegations were made by Richard Levin, the court appointed trustee of three US corporations, indirectly owned by Nirav Modi previously.

Advertisement