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…
Tag: Southern India Mills’ Association (SIMA)
Textile industry batting for lowest slab of 5% under GST
Coimbatore: The textile industry has urged the Union Government to make a uniform levy of 5% (lowest slab) on all textile and clothing products under the GST (Goods and Services Tax). They also want the government to continue the duty drawback benefits for garment and made-up exports. The entire …
GST: टेक्सटाइल सेक्टर के लिए हो सकता है यूनिफार्म जीएसटी | स्मृति ईरानी
टेक्सटाइल मिनिस्टर स्मृति ईरानी ने कहा है कि टेक्सटाइल सेक्टर के लिए वस्तु एवं सेवा कर (जीएसटी) की दर जल्द ही तय की जा सकती है, जो कि पुरे सेक्टर के लिए यूनिफार्म (एक समान) हो सकती है। उन्होंने कहा कि इस संबध में जल्द ही एक मीटिंग का आयोजन किया जाएगा जिसमें इससे संबधित […]
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Union Budget 2017 provides big boost to textiles sector; Here’s why
Higher fund allocation for labour skilling and end-to-end logistics solutions, including rail and coastal shipping last-mile connectivity, will help the country’s textile industry to achieve the $350-billion target in next few years as set by the union government, industry experts have said. Thou…
Textile industry welcomes move on cotton purchase
The cotton textile industry in southern India has hailed Textile Minister Smriti Irani for announcing unique terms and conditions for procuring cotton from Cotton Corporation of India for the benefit of MSME textile units. Under the new terms and conditions for fully pressed bales of CCI facilita…