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GST rates for textile industry deferred till 3 June

Goods and Services Tax (GST) Council – on its concluding day of meeting – has not decided the tax regime for the textiles industry. The rate announcement has been deferred till June 3 as the Council found complexities within the entire textiles value chain. In addition, postponing final decision is also due to the industry’s anticipation of a fibre neutral taxation across the chain. According to the textile industry representatives, different rates for different parts of […]

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Indian Texpreneurs Federation seeks uniform tax rates under GST

Since Goods and Services Tax (GST) has paved way for rolling out the new tax regime from July this year, Tamil Nadu-based ITF – Indian Texpreneurs Federation, has urged the State Government to ensure that textile industry gets uniform rate under GST. ITF expects that the proposed GST will give a boost to the textile and clothing sector. But, for this to happen, the GST should be 5 per cent across the textile value chain, […]

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India’s Textiles Ministry to soon decide on uniform GST rate

Indian Textiles Ministry is soon expected to take decision on uniform Goods and Services Tax (GST) rate for the textile industry. This was disclosed by Union Textiles Minister Smriti Irani during her recent visit to Coimbatore in Tamil Nadu. A conference will be held soon to decide on the subject, informed Irani while interacting with officials of textile industries associations and stakeholders. Also Read – Indian Textiles Minister meets industry representatives The Minister assured them […]

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FIEO targets US $ 500 billion exports in 2017-18

The Federation of Indian Export Organisations (FIEO) has set a target to achieve merchandise exports to be around US $ 315 billion and services exports to about US $ 185 billion in FY 2017-18. This has disclosed by new FIEO President Ganesh Kumar Gupta in a release issued by the organization. The Federation expects to end the fiscal 2016-17 with an export of about US $ 270-275 billion as against US $ 262 billion in […]

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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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