Garments should be included in the 5 per cent bracket under the new tax regime, the textile industry suggested.
The Goods and Services Tax (GST) Council should consider reducing the tax rate on man-made fibres, filaments and yarns from 18 per cent to 12 per cent, demanded the textile industry.
According to the Southern India Mills’ Association (SIMA), garments should be included in the 5 per cent bracket under the new tax regime.
SIMA said in statement that high taxation rate on man-made fibres, filaments and yarns would significantly increase the making cost and adversely affect the independent spinning and weaving units.
Further, the Export Promotion Council for Handicrafts also asked the Council to address issues related to the sector.
Monday, June 19, 2017