The maiden budget of the new government must focus on taking tough steps to revive the economy and regain consumer confidence, says Govind Shrikhande – Customer Care Associate and Managing Director, Shoppers Stop.
“A concrete GST announcement with milestones will be great for the industry over all. As of now, GST and Service tax on rent are a huge challenge for retailers. Therefore, once GST implementation takes hold we will be able to set it off against service tax on rent, which will give a boost to the industry. It will be a win-win situation for both consumers and retailers,” he states.
Shrikhande further added: “We hope that the government continues to provide relief on excise duty on branded apparel. If restored, it will be a major setback for this job-creating industry. Finally, bolstering consumption ought to be on the agenda. If personal taxes are reduced, it will improve consumer sentiment, lead to more spends and spur growth.”
