In order to meet the demand of the non-cotton fashion industry, the textile millers in Bangladesh have demanded a withdrawal of value added tax (VAT) and import duty on all kinds of manmade fibres (MMF).
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The Central Sales Tax on the yarn is two per cent, while in Tamil Nadu, the Value Added Tax (VAT) is five per cent on cotton yarn
The Central Sales Tax on the yarn is two per cent, while in Tamil Nadu, the Value Added Tax (VAT) is five per cent on cotton yarn
Gujarat is the largest producer of cotton and also the largest producer of art silk manmade textile. Cotton-based textile industry is mainly targeted at both domestic and export market whereas art silk synthetic textiles is mainly focused on the domestic market, which is growing at 15 per cent.