Budget 2018: Retailers expect tax slab relaxation, GST still a concern

Agencies
February 1, 2018

Hyderabad, Feb 1: 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 per cent 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.

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News Network
April 23,2020

Thiruvananthapuram, Apr 23: Amid opposition charges, the Kerala government on Tuesday constituted a two-member committee to examine whether the privacy of personal and sensitive data of COVID-19 patients has been protected under the agreement entered by it with US-based IT firm Sprinklr.

The committee, headed by former Special IT Sscretary M Madhavan Nambiar and former health secretary Rajeev Sadanandan, will also ascertain whether adequate procedures were followed while finalising the arrangements with the private company.

The Opposition Congress has been levelling charges that the collection of data by the US firm violated the fundamental rights of the patients.

In its order, state government said it had initiated steps to set up a Data Analytics platform to integrate data from various sources available in the government to meet the "exigency of a massive and unprecedented surge of epidemic".

The committee will also examine whether deviations, if any, are fair, justified and reasonable considering the extraordinary and critical situation faced by the state, it said.

Meanwhile, the Kerala High Court on Tuesday asked the state government to file its reply by April 24 on a plea seeking to quash its contract with the US-based firm.

Expressing concern over the confidentiality of the citizen's data processed by a third party, the court sought to know why the sanction of the law department was not taken before finalising the agreement.

The court hailed the state government's fight against COVID-19, but said it is concerned about data confidentiality.

The government informed the court that the agreement with Sprinklr has safeguards for data protection "as per standard practices of software as a service model."

The ward-level committees, set up by the government for the anti-coronavirus fight, collect information of those under home isolation, the elderly and those at the risk of the disease, using a questionnaire and later uploads it on the server of the private agency.

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News Network
January 20,2020

New Delhi, Jan 20: Surging inflation and slowing growth are raising serious concerns about the future growth prospects of the economy and as a remedial measure the government should resolve supply-side hurdles and ensure more stringent governance norms, a report said on Monday.

According to the Dun and Bradstreet Economy forecast, even though the Index of Industrial Production (IIP) turned positive in November 2019, it is likely to remain subdued.

"Slowdown in consumption and investment along with high inflationary pressures, geopolitical issues and uncertainty over the recovery of the economic growth are likely to keep IIP subdued," the report noted.

Dun and Bradstreet expect IIP to remain around 1.5-2.0 percent during December 2019.

As per government data, industrial output grew 1.8 percent in November, turning positive after three months of contraction, on account of growth in the manufacturing sector.

On the price front, uneven rainfall along with floods in many states and geopolitical issues have led to a surge in headline inflation even as demand remains muted.

The Consumer Price Index (CPI) in December rose to about five-and-half year high of 7.35 percent from 5.54 percent in November, mainly driven by high vegetable prices.

"The sharp rise in inflation has constrained monetary policy stimulus while revenue shortfall has placed limits on the government expenditure," Dun & Bradstreet India Chief Economist Arun Singh said.

According to Singh, growth-supporting measures and deceleration in growth are likely to cause slippage in fiscal deficit target by a wider margin.

"The government should focus on taking small steps to address the slowdown; in particular, resolve the supply-side hurdles and ensure more stringent governance norms," Singh said.

Unless these concerns are addressed through a comprehensive policy framework, it will not be easy for India to clock a sustainable growth rate to become a USD 5 trillion economy, he added.

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News Network
March 31,2020

New Delhi, Mar 31: At least 24 people staying at Markaz building in Nizamuddin area of the national capital have tested positive for coronavirus, Delhi Health Minister Satyendar Jain on Tuesday.

"All of them are being screened. We are not certain of the number but it is estimated that 1500-1700 people had assembled at the Markaz building. 1033 people have been evacuated so far - 334 of them have been sent to the hospital and 700 sent to quarantine centre. Total 24 positive cases have been found so far," he said while speaking to reporters here.

The minister also slammed the organisers of the religious event saying that they have committed a grave crime.

"The event's organisers committed a grave crime. Disaster Act and Contagious Diseases Act was enforced in Delhi, no assembly of more than 5 people was allowed. Still, they did this. I have written to Lieutenant Governor to take strict action against them. Delhi government has given an order to file an FIR against the organisers," the Health Minister said.

Earlier, the Delhi government had said: "It has come to our knowledge that administrators of Nizammuddin Markaz violated coronavirus lockdown conditions and now several positive cases have been found. Strong action would be taken against those in charge of this establishment. Delhi government will ask the police to register an FIR against Maulana of Markaz, Nizamuddin." 

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