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 made two appeals to the Finance Minister—reduction of GST rate to 12 per cent from 18 per cent for MMF yarns, and reduction of tax rate for job work for apparels and made ups from 18 per cent to 5 per cent.
The Minister explained the basic logic of GST and how it will help India’s economy to grow. The meeting assumes significance as the textile business in many parts of the country has come to a virtual standstill following protests and strikes by small manufacturers and traders over various aspects of the recently-introduced GST.