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GST Council clears SGST, UGST

After CGST (Central GST), IGST (Integrated GST) and Compensation drafts, the GST Council headed by the India’s Finance Minister Arun Jaitley has given its nod to State UTGST (Union Territory GST) and SGST (state GST). This has further paved the way for GST to become a reality on July 1. “The 12th Council meeting approved UTGST and SGST. Officers had already done the groundwork, the drafts were already circulated. In the past meetings, the Council […]

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India Ratings and Research predicts stable FY ’18 outlook for cotton textiles

Cotton textiles expected to see stable outlook in financial year 2018 after negative 2017. This has been stated by the India Ratings and Research (Ind-Ra). It’s not only cotton, the agency has also revised its outlook for synthetic textiles to stable for FY 2018 from negative for FY 2017. “The stable textile outlook is in view of stable input prices, healthy capacity utilisation and steady domestic demand scenario in FY18 and support emanating through fiscal […]

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SIMA urges TN State Govt. to withdraw VAT increase on fuel

India’s Southern India Mills’ Association (SIMA) has urged the state Government of Tamil Nadu to roll back the increase of VAT on petrol and diesel in favour of textile value chain. The textile industry is already paying 5 per cent VAT on cotton and cone yarn, as against 2 per cent CST and zero per cent tax in other states, the trade body mentioned. Petrol and diesel prices went up in the state after Tamil […]

March 7, 2017

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GST to be implemented from July 1

The much-awaited Goods and Services Tax (GST), which will replace at least 17 state and federal levies, is expected to become a reality from July 1 this year as all the states have agreed on the implementation date. This was announced by Economic Affairs Secretary Shaktikanta Das recently. “GST implementation is a huge one and that is going to be implemented by July 1. Both central and State Governments are working on this,” Das was […]

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GST, demonetization boon for retail sector: Walmart India CEO

Walmart India CEO Krish Iyer has said that series of measures like demonetization, Goods and Services Tax (GST) announced by the Indian Government will be beneficial for the retail sector of the country. These initiatives will be helpful in getting good amount of foreign investment into Indian market. “Demonetization, structural reforms and GST will propel the retail sector into the modern economy, and help attract significant foreign investment,” he was quoted as saying. Walmart however […]

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India’s TEA hails Economic Survey tabled in Parliament

Tirupur Exporters’ Association (TEA) has praised the Economic Survey 2016-17 tabled in Parliament by Union Finance Minister Arun Jaitley for giving emphasis on apparel and leather sectors. TEA President Raja M Shanmugham thanked the Government for introducing separate chapters for apparel and leather sectors in the survey. This unique move initiated by the Government is a commendable job, said TEA President. He also endorsed the positive impact of the demonetization stated in the Economic Survey […]

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Textile industry of India seeks uniform duty of 5% under GST

Indian textile industry has sought a uniform duty of 5 per cent under the Goods and Services Tax (GST), expected to be executed from July this year. GST is seen as the most comprehensive tax reform the country has witnessed since Independence.Retailers in the country are also looking for early implementation of Goods and Services Tax (GST). Also Read – Indian retailers back early execution of GST It is pertinent to mention here that Special […]

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Indian retailers back early execution of GST

Retailers in India are looking for early implementation of Goods and Services Tax (GST), the most comprehensive tax reform the country has witnessed since Independence. The implementation of the bill is considered as boon for retail sector in India. The Retailers Association of India (RAI), the unified voice of retailers in the country, has sought for early implementation of the GST. The retail sector is expected to register a tremendous growth once the bill will […]

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Indian Government pushes for ‘ease of doing business’

The Modi Government has been very upfront in bringing in needed thrust to aid growth of the country in all directions… Interestingly, concepts like ‘Skill India’, ‘Clean India’ and ‘Make in India’ have been coined and appreciated on the global platform. However, there was criticism on slow movement in ushering in economic reforms post-2014, but year 2016 proved to be a game-changer, as the Government took two bold steps in a serious attempt to curb […]

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TEA President meets Indian Textiles Minister to discuss issues

Raja M Shanmugham, President, Tirupur Exporters’ Association (TEA) recently had a meeting with Smriti Irani, Indian Textiles Minister, to discuss GST, rebate on state levies, labour law reforms and setting up of knitwear board. He urged entire textile sector may be placed in the lowest slab of the GST because of its MSME dominant nature and the slender margins so that industry can absorb the levy without any significant impact on the business. Also, the […]

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Indian Textiles Ministry holds meeting on GST

Indian Ministry of Textiles (MoT) seems to be active in regards to Goods and Services Tax (GST) and its implications on Indian apparel and textile industry. Looking at its complications which may affect the industry, a stakeholder consultation meeting on GST was held in New Delhi by MoT at which various representatives of textile and apparel industry shared their concerns. Representatives from Central Board of Excise & Customs (CBEC) were also present at the meeting. […]

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Demonetisation Effect: Raymond notes decline in demand

Since the day demonetisation of highest value bills was announced last month in India, textile and apparel brand, Raymond has seen nearly 30 per cent decline in demand but expects the situation to get better in the beginning of next year. Sanjay Behl, CEO, Raymond told an Indian daily, “It (demonetisation) has come at a time when the wedding season shopping is at its peak. The liquidity has also shrunk, and more than 80 per cent of this (textile) business […]

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ASSOCHAM inks deal to demystify GST for retailers

Associated Chambers of Commerce and Industry of India (ASSOCHAM) has inked a deal with a software product company – Tally Solutions to educate and train the retail community of the country about Goods and Services Tax (GST). The deal was signed by D S Rawat, Secretary General of ASSOCHAM and Sathya Pramod, Chief Financial Officer – Tally Solutions, on behalf of their respective organizations. The agreement’s key objective is to ease technology adoption among retailers […]

November 30, 2016

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India’s EPCH appeals Union Finance Minister to exempt Handicrafts from GST

The Export Promotion Council for Handicrafts (EPCH) has sent a delegation of the manufacturers, exporters and industry associations from all over India to Arun Jaitley, Union Minister of Finance, highlighting the concerns of the handicrafts sector in the forthcoming GST regime and requesting handicrafts sector to be exempted from the GST. Rakesh Kumar, Executive Director, EPCH said, “GST regime may be tough on craftspersons engaged in the production of over US $ 5 billion worth of […]

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India’s EPCH discusses GST implications on handicraft sector

India’s Export Promotion Council for Handicrafts (EPCH) recently held a Stakeholders’ Consultation Meet at EPCH House, New Delhi, wherein representatives of industry associations and exporters gathered to discuss the implications of Goods and Services Tax (GST) on handicraft sector. GST, one of the biggest taxation reforms in India, is a comprehensive tax levy on manufacture, sale and consumption of goods and services at a National level. GST is all set to integrate the state economies […]

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