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GST will have no impact on textile business: Haryana CM
30
Jun '17
The textile business will have no adverse effects due to the implementation of the Goods and Services Tax (GST), said Manohar Lal Khattar, chief minister of Haryana. He said that textile has been placed under the 5 per cent GST slab and currently the tax levied on cotton yarn includes 2.8 per cent VAT and 3.38 per cent central excise duties.

Khattar claimed that 5 per cent GST on fabric is not likely to put any additional burden on the sector, while addressing the audience at a seminar on GST held for the legislative assembly members and officials.

He added that the net effective tax to be levied on fabric will be minimal. Moreover, annual average rate of inflation is between 6-8 per cent and the minimal tax burden on textile will not affect the entire sector. Instead, GST will ensure transparency and accounted business by bringing traders into the textile supply chain, said media reports quoting Khattar.

The amalgamation of various taxes like Central excise, VAT and service tax will bring about a revolutionary change in the system.

He also stressed on the need to avoid tax evasion and ensure that public money is used for the state's development.

The GST is slated to be rolled out on July 1 across India. (KD)

Fibre2Fashion News Desk – India


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