The goods and service tax has been very significant for lots of industries which are in the dilemma of the after-effect of the upcoming GST regime. The majority of the sectors are hiking up to the revenue as the GST promised the growth and many of other assumptions as of what earlier statistics can transform into new one.
In the middle of this confusion, the textile industry has also demanded to be in the bracket of 5 percent taxation, as there was a declaration from the government to the textile industry about a special offer in June and also for ready-made garments in this December.
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In this announcements, the industry was seeking a special offer for the power loom industry also, but as said by a spokesperson, “We do not expect any major announcement in the budget.” The apparels and textile industry has sought the lowest tax slab for all its value chain for every segment but excluding the exemption. In which 60 percent is cotton based and 80 percent of the rest is exported in cotton itself.
M. Senthil Kumar, Chairman, Southern India Mills’ Association threw some light upon this matter and said, “The government has already announced packages for different segments of the industry. But the focus is on GST,” the spokesperson said. Till the GST is rolled out, “we hope there will be no changes in the optional CENVAT that are implemented now.”
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