Confederation of Indian Textile Industry (CITI) has hailed the recent announcements and changes in GST (Goods and Service) laws made by the GST Council at its 23rd meet in the capital Guwahati, Assam.
Sanjay Jain, Chairman of the association has said that the modifications announced have come as a breather for the small business entrepreneurs who are facing several compliance issues in GST e-filing.
At the 23rd meet, the GST Council also increased the threshold limit on Composition Scheme from Rs. 1 crore to Rs. 1.5 crores.
The raise will allow the Centre to bring in more facilities under a special tax payment window for the small and medium enterprises.
The CITI Chief also thanked the GST Council for keeping both traders and manufacturers under a uniform tax rate of 1 per cent.
Furthermore, the timeline extension to file for GST Return by March 2018 is also a great step as it will result in less compliance burden on taxpayers, said CITI.
The GST Council also introduced a slight change in the policy like companies with a turnover of Rs. 1.5 crores need to file GSTR once in a quarter while firms with a turnover of more than Rs. 1.5 crores need to file it on a monthly basis.
Sanjay is hopeful that the GST Council will soon consider other issues related to the textile industry emerged post-GST.
The association further expects a reduction in GST rate on MMF from 18 per cent to 12 per cent.
Additionally, 100 per cent Cotton Dot Coated Interlining Fabric currently attracts 12 per cent GST. CITI hopes for a 7 per cent cut to 5 per cent to curb the cost of production for the manufacturers.
