'Government should focus on reducing corporate tax'

Budget 2021 | 'Government should focus on reducing corporate tax to improve retailers' financial health'

We also expect the Finance Minister to throw some light on the service tax which has always been a major concern for retail marketers

Representative Image. Credit: iStock Photo

By Siddarth Grover,

The Covid-19 pandemic has drastically ruined economies across the globe. Indian retail industry got affected the most by this pandemic. Although the industry witnessed some recovery during the festive season by shifting to e-commerce channels, sustenance of this demand remains critical for the overall revenue prospects of the industry.

Being an old and trusted brand in the Indian innerwear industry we expect the government to allocate a good amount of funds in the retail segment as most of the retailers are currently crippled with short availability of finances.

Adding to this the government should also focus on reducing the corporate tax rate, which is currently 30%, this will result in improving the financial health of retailers.

At last, we also expect the FM to throw some light on the service tax which has always been a major concern for retail marketers. We all suffered huge losses due to the pandemic, let's hope this budget 2021 will bring some positive news for all the sectors. 

(The author is the Director of Groversons Group Pvt. Ltd)