Retailers have sought for early implementation of the Goods and Services Tax regime which they believe will be a game-changer for country’s retail sector.
Industry body Retailers Association of India has asked for early implementation of the GST, which will be a game changer for the Indian retail sector which is pegged to grow to USD 1.3 trillion by 2020, its CEO Kumar Rajagopalan said.
“We are waiting for the details of early GST rollout, which, we hear is now in July. This can be a big game changer for retailers across the country,” Rajagopalan told PTI.
Echoing Rajagopalan’s views, METRO Cash & Carry India CEO & Managing Director Arvind Mediratta said GST would also contribute greatly to smooth logistics and supply chain efficiency across states.
“Favorable tax rates under the proposed Goods and Services Tax would benefit the wholesale as well as real estate and infrastructure sectors, which have a direct bearing on the growth of organised retail across the country,” he added.
The industry body is also looking forward to various steps being taken by the government to build back consumer confidence and inspire positive sentiment towards consumption.
“This could be by relaxation in individual taxation and removal of cascading effect of taxes. We also look forward to clarification in FDI norms in retail towards making it a level-playing field,” Rajagopalan said.
Source : https://goo.gl/vcZdDw