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SIGA urges govt to ease 'cumbersome and difficult' GST Law

19
Jan '21
Pic: Shutterstock
Pic: Shutterstock
The South India Garment Association (SIGA) recently urged the government to ease the ‘cumbersome and difficult’ Goods and Services Tax (GST) Law, instruct financial institutions to continue credit renewal without complications, offer working capital at a low rate of interest and do away with the high 12 per cent GST slab on garments where transaction value is more than ₹1,000.

To reduce cost burden, SIGA suggested that depreciation must be enhanced to 30 per cent on investments on land, machineries and infrastructure, with a condition to re-invest the benefit every fifth year to increase production capacity. That will increase production, sale as well as employment, SIGA said in a press release.

There is a single GST slab of 5 per cent on textile, fabric and sarees, while apparels have two slabs: 5 per cent and 12 per cent. The two slabs are creating unhealthy competition and pressure from buyers and hence, a single rate of GST will boost growth in the apparel industry, SIGA claimed.

Fibre2Fashion News Desk (DS)


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