New Delhi: Retailers have sought for early implementation of the GST regime which they believe will be a game-changer for country’s retail sector. Industry body Retailers Association of India has asked for early implementation of the GST, which will be a game changer for the Indian retail sector which is pegged to grow to $1.3 trillion by 2020, its CEO Kumar Rajagopalan said.
“We are waiting for the details of early GST rollout, which, we hear is now in July. This can be a big game changer for retailers across the country,” Mr Rajagopalan said. Echoing Mr Rajagopalan's views, Metro Cash & Carry India CEO & MD Arvind Mediratta said GST would also contribute greatly to smooth logistics and supply chain efficiency across states. In an another development, to make GST regime less onerous, the Centre and states have decided to water down the penal provisions to ensure a trader gets immediate bail if the alleged tax evasion is up to Rs 2 crore.
The GST Council, at its last meeting, has decided that the provision of arrest will be restricted to forgery and non- deposit of collected taxes with the exchequer within the stipulated timeframe.
