Garment and apparel prices may increase under the Goods and Services Tax (GST) regime with ‘job work’ inviting 18% levy. Under the current system, there is no tax on job work as it is considered a “subsequent process” in the manufacture of textile products and not a service. However, under GST, t…
Tag: Confederation of Indian Textile Industry (CITI)
Man-made fibre & synthetic yarn would have inverted duty structure under GST
Man-made fibre and synthetic yarn would have inverted duty structure problem as they would be levied Goods and Services Tax (GST) at 18 per cent, while man-made and synthetic fabric would attract only 5 per cent GST rate. Keeping the rates of key inputs at a higher level will affect the competiti…
Textile industry welcomes govt’s move to keep low GST rates for natural fibres below Rs 1k
Confederation of Indian Textile Industry (CITI) has welcomed the move to keep the GST rates for all natural fibres including cotton, cotton yarn, fabrics and readymade garments valued below Rs 1000 at 5 per cent. CITI Chairman J Thulasidharan complimented the government for keeping the rates at l…