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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
January 15,2020

New Delhi, Jan 15: The mother of 23-year-old paramedic student, who was raped and brutally assaulted by six men in December 2012, on Tuesday said she knew that the curative petitions of the convicts will be rejected and is confident that they will be hanged on January 22.

Her remarks came after the Supreme Court on Tuesday refused to stay the execution of two of the four death row convicts in the 2012 Nirbhaya gang rape and murder case while dismissing their curative petitions against their conviction and capital punishment.

"The curative please had to be rejected. This was the third time they had gone to the Supreme Court. Whatever pleas they file, we are ready to face them and we will fight it out. We feel that they will be hanged on January 22. We want that to happen," Nirbhaya's mother told PTI over phone.

The four convicts -- Vinay Sharma (26), Mukesh Kumar (32), Akshay Kumar Singh (31) and Pawan Gupta (25) -- are to be hanged on January 22 at 7 am in Tihar jail as a Delhi court issued their death warrants on January 7.

Vinay and Mukesh had filed curative petitions on January 9.

Shortly after the apex court refused to stay the execution of two of them, Mukesh moved a mercy petition before President Ram Nath Kovind.

Mukesh also approached the Delhi High Court for quashing the death warrant. The high court is expected to take up his petition on Wednesday.

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News Network
May 6,2020

May 6:The Congress on Wednesday said it is "economically anti-national" to fleece Indians of Rs 1.4 lakh crore by raising taxes on petrol and diesel, and urged the Centre to share 75 per cent of this revenue with states so that people are not burdened.

Congress chief spokesperson Randeep Surjewala said when the entire country is fighting the COVID-19 pandemic and its poor, including migrants, shopkeepers and small businessmen, were virtually penniless, the government of India was "fleecing" 130 crore Indians by insurmountably raising prices of petrol and diesel.

"To fleece people of India in this fashion is economically anti-national," he told reporters at a press conference through video conferencing.

Surjewala alleged that the manner in which "illegally and forcibly" this recovery is being made is "inhumane, cruel and insensitive".

"The government should transfer 75 per cent of this money so collected through raise in taxes to states. This will ensure there is no further burden on people of India, by way of more taxes on petroleum products by states," he said.

He said the issue was discussed at a meeting of the chief ministers of Congress-ruled states with party president Sonia Gandhi, where everyone besides former prime minister Manmohan Singh and Congress leader Rahul Gandhi expressed deep concerns.

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News Network
May 15,2020

New Delhi, May 15: The World Bank on Friday approved $1 billion 'Accelerating India's COVID-19 Social Protection Response Program' to support the country's efforts for providing social assistance to the poor and vulnerable households, severely impacted by the pandemic.

This takes the total commitment from the World Bank towards emergency COVID-19 response in India to $2 billion.

A $1 billion support was announced last month to support India's health sector.

The response to the COVID-19 pandemic around the world has required governments around the world to introduce social distancing and lockdowns in unprecedented ways, said Junaid Ahmad, World Bank Country Director in India in a webinar interaction with the media.

These measures, intended to contain the spread of the virus have, however, impacted economies and jobs – especially in the informal sector. India with the world's largest lockdown has not been an exception to this trend, he said.

Of the $1 billion commitment, $550 million will be financed by a credit from the International Development Association (IDA) – the World Bank's concessionary lending arm and $200 million will be a loan from the International Bank for Reconstruction and Development (IBRD), with a final maturity of 18.5 years including a grace period of five years.

The remaining USD 250 million will be made available after June 30, 2020.

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