Author: S.VENKITACHALAM

GST on textiles, clothing job work MMF – Problem areas

The Central Government’s decision on GST in respect of the textiles and clothing sector (T and C) is on expected lines. By and large, the industry’s pleas for a lower rate of GST have been accepted. Not with standing this, two problem areas have been flagged off for the government’s consideration one is job work and second is GST on manmade fibres (MMF) and yarn. What is encouraging is the statement of Union Finance Minister Arun Jaitley that he is giving three months’ time to see the operation of GST, after which he would examine various demands raised by...

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Bring TMC back to double farmer’s income

Is the Central Government bringing back the technology mission on cotton (TMC) in a revised format to step up output, acreage and yield? There is a felt need as the earlier TMC had expired and a new one is called for so as to greatly benefit farmers and the textile industry, which squarely depends on home grown cotton. What is more, around 25 mn farmers and another 20 mn people in cotton trading, ginning and pressing rely on cotton cultivation. In addition, cotton is the engine of growth for the textile sector, which provides jobs to 105 mn people...

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2017-18 Budget proposals to benefit garments most

The textiles and clothing (T&C) Industry had not set much store in the Budget for 2017-18 with the Goods and Services Act (GST) about to be implemented from July 1 next. But it turned out that there are proposals in the Budget that seek to confer benefits on the garment sector making its operations economically viable. One of these is the reduction in the corporate taxes to 25 per cent for small companies with a turnover of Rs. 50 cr. This provision will cover a large number of garment units since the industry is mostly in the Small and...

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Textiles exports to US – Most countries post negative growth

It is global slowdown now. Questions have therefore been raised on how advanced, developing and emerging economics brace up to meet the situation. The economic woes of the 27 member European Union (EU) have been compounded by the exit of Britain from the EU. In the US, a New President has been elected recently, though the development has much less to do when it comes to bilateral trade with India. The surprising element of the global economic slowdown however is that it has adversely affected almost all textile exporting countries to the US, if their performance in the first...

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Big relief to textiles As Trump withdraws from TPP

When the first mega Trans Pacific Partnership (TPP) Agreement was concluded in Novembe 2015, there were apprehensions about the impact itwould have an India’s textile and clothing (T and C)exports to the US. These apprehensions have now been put to rest, with the newly-elected US PresidentDonald Trump deciding to withdraw from TPP, bringingcheer to the T and C sector. Trump’s move wouldimmensely benefit the garment segment, which hasa big State in North America, including Canada. TheUS was the prime mover of the agreement, whichhas now lost all its importance. The TPP pact was to come into force in mid-2016...

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