Textile mills in Tamil Nadu have appealed to the Union Government to bring down the GST rate for manmade fibre and yarn to 12 % from 18 %. About 430 mills recently sent their appeal to the Prime Minister’s Office in this regard, according to Prabhu Dhamodharan, Secretary of Indian Texpreneurs Fed…
Tag: M. Senthil Kumar
GST may increase prices of garments
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…
Textile industry seeks 5% duty under GST
The textile industry wants a uniform duty of 5% under the Goods and Services Tax(GST), which is expected to be rolled out from July this year. The Centre had announced special packages for the apparel sector in June last year and for made-ups (an article manufactured and/or stitched from any type…
GST: टेक्सटाईल इंडस्ट्री की माँग कि उसे 5 % की सबसे कम स्लैब में रखा जाये
टेक्सटाईल इंडस्ट्री की मांग है कि उसे लंबित वस्तु एवं सेवा कर (जीएसटी) के तहत सबसे कम स्लैब 5% की एक सामान दर में रखा जाए। गौरतलब है कि केंद्र सरकार ने पिछले साल जून में अपेरल सेक्टर के लिए एक विशेष पैकेज की घोषणा की थी जिससे सेक्टर का विकास तेजी से हो सके। […]
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Textile industry to attract Rs. 1 lakh cr investments by 2025
The Indian textile industry is expected to attract Rs. 1 lakh crore investments in technical textiles by 2025, according to M. Senthil Kumar, Chairman of Southern India Mills’ Association. At a conference on technical textiles and non-wovens organised by Federation of Indian Chambers of Commerce …
Textile units told to register online & provide production data
From January, all units across the textile value chain, except handloom, khadi and jute, will have to register online and provide data on production. According to a senior official in the Ministry of Textiles, the information will be collected, not for regulation, but for the development of the t…
Currency Switch Impact | SIMA suggests measures to overcome demonetisation impact
The Southern India Mills’ Association (SIMA) has sought certain remedial measures to enable the industry to mitigate the challenges posed by the cash crunch created by demonetisation. SIMA has suggested enhancing the working capital limit by 50 per cent and increasing the existing NPAs peri…
India’s yarn exports decline
Exports to China, the main buyer of Indian cotton yarn, have declined, industry sources said. China import China imported 149.66 million kg of cotton yarn during the first three months of last financial year (2015-2016) and it dropped to 99.09 million kg during the same period this year. The decl…