- Industry bodies are worried about the proposed GST rate hike
- The Clothing Manufacturers Association of India and Retailers Association of India believe the hike could severely impact the formal retail sector and consumer demand
- CMAI warns that higher GST rates could push consumers and businesses towards informal channels, benefiting illegal merchants
- Santosh Katariya of CMAI fears the hike could close MSMEs in the apparel industry, affecting employment and economic growth
- RAI is particularly concerned about the impact of GST hikes on premium products, which could damage consumer sentiment and formal retail businesses
- Kumar Rajagopalan of RAI suggests focusing on lowering rates and improving compliance to boost GST collections rather than increasing them, which could harm the retail sector
Source: thehindubusinessline.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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