Tamil Nadu Power looms Federation comes in front to save their interest before the upcoming GST regime as the federation has urged to exempt their community from a load of goods and services tax. The said information conveys to include power loom fabrics in the exemption list of Goods and Services Tax (GST).
M. S. Mathivanan, president of the Tamil Nadu Power loom Federation highlighted on this point that, “the Centre has introduced the Goods and Services Tax Bill for indirect taxation. GST is a tax levied during the purchase of any goods and services by the consumers and it replaces sales tax, which is levied by different States in different tariff.”
“In the present scenario, there are certain products that are exempted from these taxes. The weaving process is exempted from central excise. The Tamil Nadu government on its part has exempted pillow covers, bed sheets and towels made in handloom and power loom sector and the clothes other than those made of mill-made cloth from the purview of sales tax.” he added
Goods and Service tax have been in the eyes of political parties and among the nations own benefit, so the concern is major in each and every aspect of origin and issues related to it. The GST is said to be the ultimate consumer of all the indirect taxes currently prevailing in the nation.