The Jammu and Kashmir Government is mulling over a comprehensive package to address problems faced by the State’s carpet sector, the State Finance Minister Haseeb Drabu said. A delegation of carpet traders and manufacturers recently met him and urged for reducing the 12 per cent tax on carpets under the goods and service tax (GST) regime.
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Indian textiles and clothing exports has been struggling during the last three years due to the absence of level playing field in the global market mainly because of high tariff rates in major markets and also non-refund of several taxes and levies.
The GST council has reduced the tax rate on job work on all textile-related items to five per cent from 18 per cent to ensure that the labour-intensive sector is not adversely impacted under the new tax regime.
Confusion following the nationwide implementation of GST seems to have impacted sales at the Central Government-run Khadi Gram Udyog outlets in Goa. Until now, all items sold at such outlets were exempted from taxation.
GST… GST… GST…
Anywhere and everywhere and in each corner of textile industry, right from mills, textile traders to textile suppliers “GST†is the talk of the hour. Recently it is the only buzz that has been heard in the Indian manufacturing sector across all sectors. There are reports and synopsis presented on GST.
The Government has ruled out relief to the textile industry, which has sought abolition of the 5 per cent GST imposed on fabrics.
The textile industry in Surat has been hit hard as the manufacturing units, traders and retailers remained shut due to the ongoing protest against GST. While the strike continues, majority of the traders as well as the industry comprising of hundreds of Micro, Small and Medium Enterprises.