Industrial growth of the country fell to a three-month low of two per cent in June from seven per cent in the comparable period last year, in yet another sign of the economy losing steam.
With the last date to file GST Annual Return and GST Audit report fast approaching, a complex filing process and numerous data requirement has meant very few taxpayers have been able to comply with the filing process.
The Society of Indian Automobile Manufacturers (SIAM) on Friday said that all vehicle makers were unanimous in their demand for immediate reduction in GST on the sector to 18% from the current 28%.
The Central and State governments should support the textile industry, which is passing through a crisis, with measures to improve the sector’s competitiveness, said K.V. Srinivasan, chairman of Cotton Textiles Export Promotion Council (Texprocil) and South India Textile Research Association.
Digital printing gear contribute most
India may soon get a full-fledged opportunity to increase its exports and narrow its trade deficit. Machinery, chemical and textile sectors are likely to get surplus demand from the global market.