While people are still uncertain about the impact of GST and demoetisation, it is the budget 2017 that is most awaited in determining the governments way of dealing with the current situation of chaos and expectations in the country.
There are few areas which has indirectly lead to growth in E-com like development in digital payment, development of secure and platform agnostic payment gateway(UPI), demonetization, simplification of taxation, GST, infrastructural growth etc.
With the government stepping up focus on economic reforms and development, everyone is eagerly awaiting the Union Budget 2017-18. Among the key sectors that are expecting major policy changes is the e-commerce industry.
Taxes are a difficult subject for the working class, especially for those who are unaware of its jumbled calculus. It looks like a maze of legalese and math, signifying nothing much. With the GST, the government is aiming to simplify it for the public.
The logistics and transportation industry in India is worth $130 billion annually, and contributes to 4.7per cent to the country's GDP. However, it is mostly unorganised and fragmented due to different tax structures at the state level.
As an economy, India is largely dominated by the services industry, which contributes more than 52% to the GDP of India. In fact, over the last half decade, the meteoric rise of e-commerce companies has only added to the momentum.
As Union Budget 2016 is around the corner, main expectation of city industrialists and businessmen is a hike in the excise duty limit, taking it up to Rs5 crore and a reduction of corporate tax from 30% to 20%.
According to a 2007 report by McKinsey & Co., India is set to grow into the fifth largest consumer market in the world by 2025. Thus it is evident that India still has a huge scope for growth and development in the organized retail sector.
The Retail sector is currently the hotbed of economic growth. Retail in India has grown dramatically over the last two decades, with rising disposable income, shift in youth populous and an attitudinal shift in consumer preferences.