The Indian Texpreneurs Federation (ITF) has asked the government of Tamil Nadu to ensure uniform rates for the textile industry under the Goods and Services Tax (GST). In order to ensure that the proposed tax bill boosts the sector, the rates need to be uniform across the value chain at 5 per cent and cover all the segments of the industry.

In each state, the value added tax varies for textile items. The duties are also different for MMF and cotton products, said Prabhu Damodaran, secretary of ITF in a memorandum to the Tamil Nadu government. The textile industry has also urged the Central government to cover all segments ranging from fibre to garments under GST to avoid tax evasion.

The GST bill is slated to be rolled out in less than 2 months, however, a majority of the businesses are yet not ready for it. According to a survey conducted by EasemyGST portal by Ginesys, close to 68 per cent of the businesses are not ready for the regime. About 18 per cent of the businesses surveyed have a basic understanding of GST, while merely 14 per cent are working towards adopting it. (KD)

Source : Fiber 2 Fashion

e-max.it: your social media marketing partner