The Indian Retail market is likely to reach Rs. 47 trillion (US$792.84bn) by 2017 and is also the fifth largest markets globally, according to recent industry reports. It is high time the government takes this fact into account and accords an official status to the industry, something most retailers have been expecting for a while now.
This budget is very important to the retail sector due to the suspense of the rollout of two reforming moves - GST and DTC. The icing on the cake would be to look out for the possibility of reforms through the GST rollout, which was postponed till the new government took to power. If adopted, the government could put together a common market by seaming together a host of taxes such as Excise, VAT and Octroi. Similarly, I am also looking to see where we stand at the rollout of DTC, which promises to rejig income tax slabs and rates.
Harkirat Singh, Managing Director Woodland