Author: Editorial Team

ITF and TEA representatives meet FM Arun Jaitley

Representatives of Indian Texpreneurs Federation (ITF) and Tiruppur Exporters’ Association (TEA) met Union Finance Minister Arun Jaitley to present three subjects—thank the FM and put forward two appeals on behalf of the industry. Jaitley listened patiently and asked feedback about the implementation of the Goods and Services Tax (GST) in ground level. The ITF and TEA representatives—PrabhuDamodaran, Raja Shanmugam, Krishna Kumar, and Shrihari—expressed sincere thanks from the industry for the fantastic work by GST Council and the Finance Ministry for lowest slab of 5 per cent without any exemption for cotton textile sector. On behalf of their sector, they...

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Foreign buyers seek low prices post GST on knitwear

Global buyers are regularly calling suppliers in the buzzing town of Tirupur, India’s biggest knitwear hub that boasts Rs. 25,000 cr exports every year.International callers, familiar with GST benefits, are very clear about what it means for them. “They want a cut in prices,” says S Sakhtivel, Secretary of the Tirupur exporters association. The knitwear industry is clear about long-term benefits, but Sakhtivel also has other callers: Exporters want details about tax implications for the industry that has numerous workers and units involved in different parts of the chain such as printing, embroidery, washing, dyeing etc., which are taxed...

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India has huge potential to capture market space in MMF sector

India has a huge potential to capture the market space by focusing on man-made fibre (MMF) that is vacated by China in the international textile market due to declining China’s textile exports, said Sunil Arora, CEO, Impluse Buying House while speaking at a seminar on “India as a sourcing hub and investment destination” on the last day of Textiles India 2017in Gandhinagar. Synthetic textiles made from MMF account for 70 per cent of world textile supply and the rest is cotton. China’s annual exports are estimated to be $150 bn. Given the scale of exports from China, even a...

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AEPC demands the continuation of ROSL at old rates

AEPC has asked the Ministry of Finance for the restoration of the previous rate of ROSL at 3.9 per cent and revocation of the requirement of certificates for claiming the duty drawback. The Council has also requested that for GST on job work and stock transfer, where drawback is not available, the facility of ITC credit should be allowed for those availing the drawback route. Earlier the Ministry of Textiles through a notification issued on 27 June, 2017 had notified the interim ROSL scheme at 0.39 per cent and through another notification dated 30th June, 2017 had made it...

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No change in GST rate for textile

Union Minister for Finance, Defence and Corporate Affairs, Arun Jaitley recently said that the GST rate structure for the textile sector was discussed in detail in the GST Council Meeting held on 3rd June, 2017, wherein the Council recommended the detailed rate structure for the textile sector. The demand of textile traders to exempt fabrics under the Goods and Services Tax (GST) system cannot be met with as manufacturers will then not be able to claim credit of tax on previous stages. Jaitley said in a written reply in the RajyaSabha that nil GST on fabrics will result in...

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