GST and textiles industry: Analysis and opinion

28 Jun '17

1 min read

The Goods and Services Tax (GST) is at long last all set to be rolled out from July 1, 2017. What was once much-awaited will now be a financial reality. There is almost near-unanimity among various sectors of textiles and apparel industry that GST will be beneficial in the long run, though there are differences of opinion and uncertainty over finer points.

The textiles and apparel industry had to wait for close to two weeks after the GST Council on May 28 announced the first round of rates for most goods and services. Many in the industry had expected, or at least wanted, a uniform tax structure across the value chain. The council, chaired by finance minister Arun Jaitley and comprising his state counterparts, made a distinction between various items which would attract different rates ranging from zero to 18 per cent.

The majority view among industry experts and players is that the GST rates would be beneficial.

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Fibre2Fashion News Desk – India

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