Budget 2024: Retailers Association Seeks Tax Cuts, Subsidies Ahead Of Union Budget

Retailing in India accounts for about 10 per cent of the country's GDP and the sector is second only to agriculture in terms of the number of people directly employed, RAI said in its pre-Budget memorandum highlighting areas that need attention in order to make the industry stronger.
Budget 2024

Budget 2024 (Image Source: iStockphoto)

The Retailers Association of India (RAI) on Friday called for lower taxes for individuals to generate demand and spur consumption besides seeking low-cost finance, subsidies and benefits on land rates and necessities such as electricity for retailers ahead of Union Budget FY25.
Retailing in India accounts for about 10 per cent of the country's GDP and the sector is second only to agriculture in terms of the number of people directly employed, RAI said in its pre-Budget memorandum highlighting areas that need attention in order to make the industry stronger.
"To ensure the growth of the sector, the Union Budget for FY25 should focus on generating demand and spurring consumption by offering benefits or concessions in the form of lower taxes," RAI said.
It will boost the overall consumer sentiment and benefit the retail sector, it said adding, consumption equals to development and the "tax benefits and relief to individual taxpayers will increase the monthly disposable income and support consumption".
Further, the budget should outline supportive policies, simplified regulations, skill development and simple goods and services tax (GST) norms to aid the development of the retail industry, RAI said.
Asking for low-cost finance to retailers, the industry body said,"There is a need to provide lower interest rate to the retailers through the special announcement in the Budget to assure easier financing for the retail businesses."
It also asked the government to consider the food and beverages retail sector as an essential service and said "subsidies and benefits should be given on land rates and other necessities such as electricity".
RAI also said there is a need to expedite the formulation and implementation of 'National Retail Policy' to enable ease of doing business and "such a step would provide a substantial boost to the retail sector".
Stating that benefits to retail and wholesale trade MSMEs are restricted to priority sector lending only, RAI also recommended that retail and wholesale traders should be eligible for all benefits available to other MSMEs.
Further, the retailers' body asked the Centre to encourage and incentivise states to adopt 'The Model Shops and Establishment (Regulation of Employment and Condition of Services) Act 2016 that enables states to choose to keep shops and other such establishments open 24X7 all through the year.
End of Article
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