A recently released statement revealed that, the Pakistan Yarn Merchants Association (PYMA) has raised apprehensions over levy of 17 percent general sales tax (GST) on domestic yarn consumption and has urged the government to withdraw the same on immediate basis.
The PYMA members from Sindh and Balochistan constituency, during an emergency meeting chaired by the Association Chairman Yakoob Nagaria, said that the government had taken such an inconsiderate decision abruptly and without consulting the stakeholders.
They further said that, the decision would severely hit the entire textile value chain, which is already confronted with issues like comparatively high cost of carrying on business in the country, high mark-up rates, soaring prices of cotton and raw materials, liquidity crisis and power crunch.
They sounded a caution that if the duty imposition is not retracted it would completely annihilate the small traders and producers of cotton, fabric and polyester yarn, and would also result in closure of a number of industrial units, leading to large scale unemployment.
The Association members have urged Prime Minster Yousuf Raza Gilani, President Asif Ali Zardari and the Federal Board of Revenue (FBR) authorities to immediately withdraw the duty imposition.
Fibre2fashion News Desk - India
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