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: Southern India Mills Association
Textile units fret over 18% GST, fear job cuts
The textile industry has said it is worried over government’s decision to impose 18 per cent GST on manmade fibre as the levy will dent the margins of firms manufacturing synthetic yarn and could lead to job losses. The industry is also uneasy about the effect on jobs like weaving, knitting…
Potential in technical textile sector yet to be tapped properly
Lack of awareness and lesser penetration in rural areas was the reason the vast potential in the technical textile sector could not be tapped properly,a senior Textile Commissioner official said, even as major textile associations extended support for the sector’s growth. Though the sector …
Textile mills look at promoting warehouse in Colombo for cotton
Coimbatore: If all goes on the expected lines, textile mills in the southern States are expected to import more cotton this year (October 2016 to September 2017). They are looking at promoting Colombo as a hub where international sellers and shippers can stock cotton and supply to the mills in so…
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…
Textile industry seeks sops, excise duty removal
In a bid to salvage the dwindling cotton yarn exports, the textile industry has sought extension of the three per cent interest subvention, along with other export benefits to cotton yarn under MEIS and IES on a par with other textile products from the ministry of textiles. In representations by …