Srinagar, 22 July: Confederation of All India Traders (CAIT) Kashmir Chapter, has highlighted significant challenges faced by the retail sector.
In a statement issued to Ziraat Times, President Kashmir chapter Farhan Kitab noted that consumer inflation and a slowdown in rural consumption over recent quarters have put considerable strain on the sector. Kitab emphasized the need for government support and relief measures to continue advancing the ‘Vikshit Bharat 2047’ agenda.
GST and Tax Reforms: Simplification and Moderation
The Indian consumer and retail sectors are eagerly anticipating accelerated reforms in the Goods and Services Tax (GST) regime. Kitab called for the government to re-evaluate the multiple GST rates currently levied on various goods and services. Specifically, he urged the government to consider reducing the tax rates on essential goods and services.
Budget Expectations: GST Reforms
– Simplification and Moderation: A streamlined GST system is crucial for easing the operational burdens on businesses and boosting economic activities.
– Reduction in Tax Rates: By lowering GST rates on essential goods and services, the government can stimulate consumer spending and effectively increase purchasing power.
Impact of Proposed GST Reforms
Reducing GST rates on essential goods and services is expected to:
– Stimulate Consumer Spending:Lower tax rates will leave more money in the hands of consumers, encouraging higher spending.
– Increase Demand: Enhanced consumer spending will drive demand for goods and services.
– Boost Production and Employment: Higher demand will potentially lead to increased production activities and create more employment opportunities.
Kitab stressed that these measures are essential for revitalizing the retail sector and ensuring sustainable growth aligned with the ‘Vikshit Bharat 2047’ vision.
