Monday, 5 June 2017

Textiles products to become dearer post GST

Two days Free Trials and best services packages for dealing in Stock market click here to get >> One Missed call on @9644405056

Textiles products, especially those made from cotton yarn and fabric, are likely to cost more with the government setting a higher rate for them under the GST to be rolled out from July 1.

A section of the industry believes differential rates for cotton and synthetic fibre under the new indirect tax regime will lead to interpretational issues.

The Goods and Services Tax (GST) Council on Saturday fixed 5 per cent rate on cotton fibre, yarn and fabric, which attract zero duty at present.

However, some states levy a value added tax (VAT) on cotton yarn and fabric in the range of 2 to 4 per cent. "The apparel industry was looking forward to a simplified tax regime under GST with an single rate for the entire value chain.

No comments:

Post a Comment