Home / Knowledge / News / Textiles / Surat textile traders cheer as AP slashes VAT
Surat textile traders cheer as AP slashes VAT
24
Apr '12
The Andhra Pradesh government's decision to slash the value-added tax (VAT) on textile goods from the existing 5 percent to 1 percent on any level of business turnover above Rs. 750,000, has brought cheer among Surat textile traders who supplied goods to the southern Indian state.

Fibre2fashion had earlier reported that transporters in Surat stopped taking bookings and traders from Andhra Pradesh started cancelling their orders soon after the announcement by AP textile traders that they would stop buying textile goods from other states beginning April 15, 2012.

The Andhra Pradesh Federation of Textile Associations (APFTA) had also announced that wholesale, semi-retail and retail traders in the state would go on an indefinite strike from April 30, 2012 to protest against the imposition of the five percent value-added tax (VAT) on textiles by the state government.

However, with the reduction of VAT to 1 percent, AP textile traders are planning to call off the proposed indefinite strike from April 30, 2012 and are most likely to resume buying textile products from Surat.

AP textile traders purchase many products, including fabrics, sarees and dress materials from Surat and hence the rollback of VAT rate is positive news for Surat's textile traders, the Federation of Surat Textile Traders Association (FOSTTA) said.

On an average, AP traders purchase about Rs. 70-80 million worth of goods on a daily basis from Surat. Even during an off-season, there is Rs. 50 million worth of business a day with AP.

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 29th May 2017

Special package creates 7,50,000 jobs in garment sector

The special garment package of Rs 6,000 crore that was introduced by...

Md Siddiqur Rahman, president, BGMEA, addressing a press conference with other dignitaries. Courtesy: BGMEA

Apparel/Garments | On 29th May 2017

BGMEA asks govt for 5% incentive for 2 years in Budget

The Bangladesh Garment Manufacturers and Exporters Association...

Textiles | On 29th May 2017

Tintex, Bruckner bring new effects to knitted fabric

The textile company Tintex has joined hands with the system supplier...

Interviews View All

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Wendell Rodricks
Wendell Rodricks

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

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

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

news category


Related Categories:
May 2017

May 2017

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

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search