The ready-made garments (RMG) sector is not in good shape and it has created a huge negative impact on the economy.
The government on Thursday said that exports of apparel post-withdrawal of Generalised System of Preferences (GSP), has increased by 5% as compared to the corresponding period before withdrawal.
The Government has come out with the timeline for the new e-invoicing system under GST and the limit of application for each category.
The Finance Ministry has said that ‘e-invoicing’ will be mandatory for businesses having turnover of Rs 100 crore or more from April 1.
The electronic-invoice (e-invoice) under the Goods and Services Tax (GST) regime that starts from January next year will help banks in expeditious disbursal of loans to micro, small and medium enterprises (MSMEs) as creditworthiness of such enterprises can be instantly authenticated, two officials in the finance ministry said requesting anonymity.
India's apparel exports to the US post removal of duty concessions under Washington's Generalized System of Preferences programme has seen a rise of 5 per cent compared to the same period last year when the duty benefits were available, Parliament was informed on Thursday.