Since Goods and Services Tax (GST) has paved way for rolling out the new tax regime from July this year, Tamil Nadu-based ITF – Indian Texpreneurs Federation, has urged the State Government to ensure that textile industry gets uniform rate under GST.
ITF expects that the proposed GST will give a boost to the textile and clothing sector. But, for this to happen, the GST should be 5 per cent across the textile value chain, and all segments of the industry should be covered under GST without any exception, says ITF.
It’s pertinent to mention here that according to ITF, it demands for uniform taxation because the Value Added Tax (VAT) varies in each state for textile products, the duties differ for cotton- and MMF-based products resulting difference in the cost of textiles state-wise.
Also Read – India’s Textiles Ministry to soon decide on uniform GST rate
In a memorandum to the State Government, Secretary of ITF, Prabhu Damodaran said that a council meeting of GST is planned to be held in the third week of May. He also stated, “Several suggestions given by the Government at the council meetings in the past have been accepted.”
