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IT Dept raids on textile group reveals black money
The CBDT on Tuesday claimed that the Income Tax Department has detected black money worth crores stashed abroad after it raided a leading business group involved in manufacture of textile and filament yarn.
GST Council to reduce taxes on Indian apparel industry
The Apparel Export Promotion Council (AEPC) said that the GST Council’s decision to correct inverted duty structure on textiles from January 1, 2022 will lessen the tax burden on manmade fibre (MMF) fabrics and garments.
Uganda textile importers fall out with the govt
Garments and textile fabrics importers of Uganda, under Kampala City Traders Association (Kacita), have threated industrial action due to the government’s refusal to waive tax requirements.
PDS Multinational reports margin growth in Q1 FY22
PDS Multinational Fashions Ltd - a leading global plug-and-play design-led platform that offers product development platforms to brands - has announced its financial results for Q1 FY22.
Crisis in Bhiwandi powerloom sector
Bhiwandi has approximately 6.5 lakh power looms, which is 33 per cent of country’s total power looms. Out of 6.5 lakh, about 15-20,000 looms are automatic and mostly China made rapier, writes B Basu.
India mulls extending RoSCTL to other textile products
India is mulling over extending the Rebate of State and Central Taxes and Levies (RoSCTL) for the garments and made-ups sector to other textile products because of the urgency to do away with the merchandise export incentive scheme (MEIS).
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