123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Business >> View Article

Industry Welcomes Cut In Gst Rates On Textile Job Work

By Author: Mohit Yadev
Total Articles: 101

The textile industry has welcomed the Government’s move to cut the Goods and Services Tax (GST) on job work or the third-party services, but said some more leniency in cost is needed.
In its meeting last week, the GST Council, chaired by Finance Minister Arun Jaitley consisting of representatives from all the states, had taken the decision to bring down the tax on all the job works such as weaving, knitting, cutting, and embroidery in the textile sector at from 18% to 5%.
The 5% rate will be applied on job work in apparel, carpets and shawls.
“We welcome this move of the government but it would be better if it is zero percent,” P M Shah, President, Southern Gujarat Chamber of Commerce and Industry (SGCCI) told The Dollar Business.
“The thing is that the Government has decreased the GST on all the job works of the textile sector from 18% earlier to 5% but we still have to pay it and it is a cost burden for us, he said.
Input tax credit which the industry gets is the best option and is beneficial for us, Shah said, while adding, “We’re demanding full and timely refunds of input tax credit.”
He further said that SGCCI has submitted a representation to the Commerce Ministry on behalf of the textile industry, demanding imposition of import duty on the Chinese fabrics to safeguard the SME segment, which has been under lot of pressure due to heavily under-invoiced fabric imports from China.
In a statement, the Confederation of Indian Textile Industry (CITI) Vice Chairman Sanjay K Jain said, “A common rate across the chain would also avoid confusion. All textile job works being manufacturing activities were exempted from service tax in pre-GST regime. But job workers could not avail input tax credit that had been increasing the cost of the products and affecting the export competitiveness and also the domestic consumers,” he added.
Discover More About GST Billing Software.

Total Views: 53Word Count: 318See All articles From Author

Business Articles

1. Home Improvement Company
Author: thehomeimprovementguys

2. Create Your Perfect Lighting Setting
Author: ponteminteriors

3. Searching For Expatriate Jobs
Author: Jobskey SEO

4. 6 Habits Of A Successful Hospitality Business
Author: Daniel Carters

5. Complete Consulting Solutions In Here
Author: SEO Jobskeyuk

6. Jobs In Saudi Arabia
Author: SEO

7. Why Using Custom Hand Sanitizer Is A Good Idea?
Author: Warren

8. Deck Contracting Long Island
Author: Blue Star Carpentry has been specializing in cus

9. Decks Long Island
Author: Blue Star Carpentry has been specializing in cust

10. Find Best Quality Precision Machining From Lions Industries
Author: williamdarviy

11. Connect With Vpn
Author: Vpn01

12. Non Stop Wedding Boutique In Singapore
Author: Esmond

13. Top Indian Business Promotion Service
Author: indiabizlist

14. Comfort And Defender Men’s Compression Tights
Author: virusaction

15. Good Time For Your Boiler Installment
Author: bluefireSEO

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: