Tags

The revolutionary taxation system, the Goods and Services Tax (GST), often described as ‘one nation, one tax’ has been rolled out across India from the midnight of June 30-July 1, 2017. Speaking in the Central Hall of the Parliament just before midnight, Prime Minister Narendra Modi termed GST as “good and simple tax” for the citizens of India.

Curve New York – 2017.

Javits Center, New York, United States Of America.

Fair Date : 6th Aug 2017 To 8th Aug 2017.

The Government of India as well as the governments of the Eurasian Economic Union (EAEU) member countries will shortly begin negotiations for a free trade agreement (FTA), a senior official has said. The 5-member EAEU comprises Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia. India’s annual trade with EAEU is currently at $8.4 billion.

The textiles ministry has completed consultations with stakeholders and outreach sessions with the industry, and is currently in the process of finalising draft guidelines of the National Textiles Policy. After adding inputs from the Textiles India 2017 fair this month, the policy is likely to be put for Cabinet approval next month, a senior official said.

The textile industry has appreciated government's decision to tax 5 per cent GST rate on apparel below Rs 1000 and above those will be charged at 12 per cent. With the implementation of GST rates at every level of the textile value chain, it will be difficult to evade taxes, according to Arvind Sinha, president, Textile Association (India).

Fibre based Goods and Services Tax (GST) at the fabric or garment stage can result in a huge misdeclaration, according to Manikam Ramaswami, chairman and MD of Loyal Textile Mills Ltd. He is in favour of the GST Council imposing a 5 per cent tax on cotton fibre and said it will not make cotton textiles more expensive as all state taxes will get absorbed.