The textile industry has welcomed the passage of GST bill by Rajya Sabha, terming it as one of the biggest and transformational reforms in the economic history of the country and said it would pave the way for growth of exports.
Thanking Prime Minister and the Finance Minister for this historic reform, the Indian Texpreneurs Federation (ITF) expressed confidence about the positive impacts of GST on the overall economic growth in the next few years and said it would make the manufacturing sector more competitive.
As far as the textile goods, being essential items for the common man, these should be kept under GST with the minimum possible tax slab with the special rates, said Prabhu Dhamodharan, Secretary, ITF. It is an opportunity for the Government to bring the entire textile sector under tax net and this move which will bring more transparency in the system will trigger growth, he said.
A Shaktivel, President, Tirupur Exporters’ Association, said GST would give a push for export of garments and described it as a game changing reforms.