Category: Domestic

Grasim ropes in Amitabh Bachchan as its Brand Ambassador

In a move that will change the history of domestic over the Counter (OTC) fabric retailing in India, GBTL Ltd. (formerly known as Grasim Bhiwani Textile Limited) has revealed their signing of superstar of millennium – Amitabh Bachchan as their Brand Ambassador. Bachchan is known for his style icon and has been honoured with the ‘Timeless Fashion Icon’ accolade by Filmfare Glamour Style and Fashion. This association with Bachchan is driven by GBTL – Grasim (licensed user of TM Grasim) desire to expand their business both pan-India as well as in global markets, and progress towards their strategic goal...

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TEA hails GST council announcement for relief package

Raja M Shanmugham, President, Tirupur Exporters Association said he was happy and welcomed the relief package announced for the export sector by the GST Council after considering the requisitions made by the Association and he further said the Drawback committee met on 9th October 2017, would also consider the requisition of the Association for increasing the Duty Drawback rate after including embedded taxes like transportation of raw materials and input, usage of petro products, for generation of electricity etc., which were not taken into account earlier mainly to enhance the competitiveness and also to protect SME exporters. Raja M...

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Suditi Industries partners with Anushka Sharma to launch fashion line

Suditi Industries (BSE listing) recently announced a joint venture with renowned film personality Anushka Sharma to launch a western fashion wear brand for women. Speaking about the association, Pawan Agarwal, Chairman & Managing Director, Suditi Industries Ltd said, “We understand our audience, their aspirations and their style language. This, combined with Anushka’s evident popularity and entrepreneurial spirit makes her the perfect partner for our foray into the women’s wear line. We believe this is a natural progression to our existing product lines i.e. Riot and IndianInk. We truly believe that Anushka’s classic style philosophy is the embodiment of our...

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GST rate revision gets mixed response from industry

The synthetic textile industry is divided in its reactions to the latest revision in the goods and services tax (GST) rates announced by the country’s Finance Minister, Arun Jaitley recently. The GST Council announced a reduction in tax rates on man-made yarn from 18 per cent to 12 per cent, while slashing GST levy on job work of zari (embroidery) to 5 per cent, from the previously agreed upon rate of 12 per cent. The GST Council also announced a slew of other measures related to the new tax regime that has completed two months now. Further, small and...

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FIEO welcomes procedural simplification of exports under GST Regime

Welcoming the decision to dispense with Bank Guarantee requirement under Bond and replacing it with Legal Undertaking (LUT), Ganesh Kumar Gupta, President, FIEO said that this is much needed simplification which will help in reducing transaction time and cost of exporters. FIEO Chief said that micro and small exporters will be immensely benefitted as they were struggling to get bank guarantee unless furnish collateral to the bank which affects their liquidity and thus flow of working capital impacting production. FIEO said that we should gradually move towards e-LUT (Electronic Legal Undertaking) which can be furnished online so as to...

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