Traders in Maharashtra will need to enrol on the Goods and Services Tax common portal from November 16 to 30. Traders need to log in with their current ID and password on the GST portal.
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The politics of Goods and Services Tax (GST) Bill may take some more time to sort out, but its basic impact on various industries can be analysed beforehand. GST and its impact on the textile sector was the hot topic of discussion at the recently-concluded 58th Annual General Meeting of Confederation of Indian Textile Industry (CITI), held at Hotel ITC Maratha, Mumbai on September 28, 2016. Speaking on GST were: Sachin Menon and Santosh Dalvi from KPMG, and Sanjeev Saraf and Dilip Dixit from BSR & Associates.
The politics of Goods and Services Tax (GST) may take some more time to sort out, but its basic impact on textile industry can be analysed beforehand. ITJ sought opinions on GST?s impact on the textile industry. Current exemptions on certain goods to continue: Multiple exemptions exist under the present tax system ? the Centre has ~300 items exempted from central excise duty, while the States (together) have ~90 items exempted from VAT. These will be merged into a Final synchronised exemption list under the GST regime.
ICRA, an Indian independent and professional investment information and credit rating agency, opines that a 12 per cent (lower rate) recommended by the Dr Arvind Subramanian Committee will have a negative impact on the textile sector, especially the cotton value chain, which is currently attracting zero central excise duty (under optional route); unlike the man-made fibre sector, where the fibre attracts excise duty at the manufacturing stage (unlike cotton).
Promise of new measures from the Government, much-awaited GST on the cards, hints of the decentralised segments attaining maturity that will spur demand for textiles augur well for the textile industry in 2016 and beyond, recounts an Exclusive Report by Joseph S and Karthik M.
The expectation from the new government in the centre was very high. However the situations at the ground level did not alter much. The government´s attention was concentrated on macro issues. This could not lift the morale of the industry.
The expectation from the new government in the centre was very high. However the situations at the ground level did not alter much. The government´s attention was concentrated on macro issues. This could not lift the morale of the industry.