Home / Knowledge / News / Apparel/Garments / PBEA condemns GST on textiles
PBEA condemns GST on textiles
09
Jun '11
A press release issued by the Pakistan Bedwear Exporters Association (PBEA) has termed the recently announced Budget for 2011-12 as a disappointment.

The press note stated that it is an accountant's budget which speaks about the sources from where the money can be raised by way of taxes to meet the expenses.

The discouraging portion of the budget is that it does not provide any strategic policies for industrialization, employment generation and exports. Also, no allocations have been made in the budget for rapidly waning infrastructure sector, the press release noted.

The five percent GST on purchases of textiles is regressive, particularly in view of huge volatility in yarn prices. However, slashing the sales tax rate from 17 percent to 16 percent, abolishing regulatory duty, and raising the minimum limit of taxable income would help in curbing inflation.

According to the Economic survey of Pakistan, last fiscal year's GDP stood at 2.4 percent, as against the target of 4.5 percent. The national budget deficit for the outgoing fiscal year is likely to be stable at 5.7 percent or Rs. 1.02 trillion, while the federal budget deficit is likely to remain at 6.3 percent or Rs. 1.14 trillion.

The only way to save the country from losing out to competition is to urgently implement decisive strategic policy decisions to intensify exports, hastening industrialisation and generating new jobs, while ensuring safe working environment, and sufficient availability of gas and power required for operating industries, the PBEA statement said.

All in all, the nation needs to address the following issues: a distressing fiscal deficit, excessive current account deficit, soaring oil prices, severe power shortages, high inflation and falling FDI numbers, the PBEA statement concluded.

Fibre2fashion News Desk - India

Must ReadView All

Courtesy: ZDHC

Textiles | On 23rd Jan 2017

ZDHC adds six new contributors for sustainability

Zero Discharge of Hazardous Chemicals (ZDHC) programme has added six...

Textiles | On 23rd Jan 2017

Bombay Dyeing to expand distribution network in Tamil Nadu

Bombay Dyeing, a 137-year old textile manufacturer of the Wadia group ...

Textiles | On 23rd Jan 2017

Textile & clothing trade fair Momad Metrópolis begins Feb 3

Spanish textile and clothing trade fair Momad Metrópolis will be held ...

Interviews View All

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search