Mr. Anaggh Desai, CEO of Damas India said: It is a long term budget. As Retailers selling Jewellery, there are minor advantages of % drop in imports; however this is primarily on Roughs & not on finished Jewellery.
The long awaited relaxation in terms of FDI has not even been addressed. As retailers the price of sale has increased.
The service tax has been extended to renting of immovable property for use in commerce or business and consequently retail organizations will now incur an additional outgoing of 12.36% on the lease rentals of retail spaces.
In a squeezed margin scenario and in a scenario where retail lease rentals are on the higher side in India, this is an additional burden on the operating expenses of retailers.
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