Union Budget 2018: Retailers demand GST revision

As the day has come for the Finance Minister to present the Union Budget, the Goods and Services Tax (GST) retailers all across the country consider GST as the major concern, who expect a relaxation in the tax slabs across various product categories.

Retailers of Hyderabad when asked about their expectations from the budget, majority ascribed the dip in their business to GST and hoped the latest budget would provide some relief.

The footwear retailers said, "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.”

They also wanted the taxation filing procedure to be made easy.

The stationery owners said the 12 percent GST has hit their business and further increase would incur them heavy losses.

The pan shop retailers said they have also faced a setback from GST and expect that 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.

One of the seller said, "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,"

Toy shop retailer said, for toy products, the public is not ready to pay the GST, as VAT is already applicable on them. "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."

The hardware retailers are also expecting a taxation reduction, as the business as per them has been running low because of the GST.

Most of the gold jewellery retailers said, "We are expecting this revision as well as a tax reduction on the transportation" and prefer old tax of one percent on ornaments instead of three percent.

Handloom traders also expect a complete tax cut, 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.