TWIST IN THE RETAIL INDIA
Union Budget imposed a 12% service tax on commercial rentals.
Top guns of Pantaloon Retail, Shoppers’ Stop, Trent, Globus and others meet in Mumbai to decide on future course of action.
Legal firms roped in to advise on the issue
Retailers have leased over 90% of the modern commercial property space
Some lease deals specify that any extra tax will have to be borne by the lessee
Most retailers unwilling to pass on the burden to consumers
Courtesy: EconomicTimes
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