>>
Rewind 2021 and prospects for 2022 Rewind 2021 and prospects for 2022
Home / Knowledge / News / Apparel/Garments / AEPC welcomes reduction in GST rate of MMF yarn
AEPC welcomes reduction in GST rate of MMF yarn
09
Oct '17
Apparel Export Promotion Council (AEPC) has hailed the slew of measures taken by the GST Council at its 22nd meeting held on October 6. The apparel exporters’ body said the new measures will give immediate relief to the apparel exports sector which has been going through a difficult and stressful phase due to various factors both global and domestic.

These measures, announced by Union finance minister Arun Jaitley after the GST Council meeting, include reduction in the rate of GST on man-made fibre (MMF) items viz synthetic filament yarn such as nylon, polyester, acrylic etc and artificial filament yarn, yarn of man-made staple fibres, and real zari from 18 per cent to 12 per cent.  The GST council has also made a provision for refund of GST for the month of July by October 10 and for August by October 18 which will ease the working capital stress. A facility of e-wallet has also been introduced for addressing the refund issue.

AEPC also welcomed the proposed single window refunds of IGST paid on supplies to SEZs and of inputs taxes on exports under Bond/LUT and extending the Advance Authorization (AA) / Export Promotion Capital Goods (EPCG) schemes to sourcing inputs from abroad as well as domestic suppliers.

“The changes which have been announced by GST Council will give a great relief to the apparel industry for the immediate term, as the sector has been facing severe liquidity crunch after the introduction of GST. The AEPC would like to thank the various government departments which have been working closely with all the stakeholders for considering the plea of its members and reducing the rate of various man-made raw material items. However, since the duty structure remains inverted with fabric at 5 per cent GST, we are hopeful that the embedded taxes arising out of this inverted structure will be refunded to exporters through appropriate mechanisms,” said AEPC chairman Ashok Rajani.

AEPC has been raising the issue of embedded taxes on exports at various forums. In its representation to the concerned Ministries, AEPC has informed that in the absence of encouraging duty drawback and ROSL, exports will further witness a sharp decline just ahead of the peak festival season. (RKS)

Click here to read views of representatives of other textile bodies

Fibre2Fashion News Desk – India


Must ReadView All

Pic: Shutterstock

Textiles | On 28th Jan 2022

Real US GDP rose at 6.9% annual rate in Q4 2021: BEA

Real US gross domestic product (GDP) increased at an annual rate of...

Pic: Shutterstock

Apparel/Garments | On 28th Jan 2022

Egypt’s garment exports rise by 41% to $2.49 bn in 2021 over 2020

The Egyptian apparel sector’s exports rose by 41 per cent in 2021 to...

Pic: Prasit Rodphan | Dreamstime.com

Textiles | On 28th Jan 2022

Cambodia-Vietnam trade volume touches $9.3 bn in 2021

Cambodia-Vietnam trade volume touched $9.3 billion last year—a rise...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Liquidity is a primary issue in Indian context

Textile Industry, Head honchos

Textile Industry
Head honchos

Trainers faced immense challenges as most were not tech-savvy

Footwear Industry, Footwear Retailers

Footwear Industry
Footwear Retailers

Still struggling to mop up higher sales

Dr. Ajay Sahai,

Dr. Ajay Sahai

Set up in 1965 by Ministry of Commerce, Government of India to focus the...

Klaus Bergmann,

Klaus Bergmann

German company Erbatech GmbH develops, designs and manufactures high end...

Yawer Ali Shah,

Yawer Ali Shah

Synthetic colours and dyes were all the rage till the very first ban on...

Johann-Philipp Dilo, Dilo Group

Johann-Philipp Dilo
Dilo Group

German company Dilo Group is one of the leading equipment suppliers of...

Thomas Ong P S, NanoTextile

Thomas Ong P S
NanoTextile

Malaysian company NanoTextile Sdn Bhd taps into the potentials of...

Silke Brand-Kirsch, Glatfelter

Silke Brand-Kirsch
Glatfelter

Glatfelter is a leading global supplier of engineered materials. <b>Silke...

Ritu Kumar, Label - Ritu Kumar

Ritu Kumar
Label - Ritu Kumar

<b>Ritu Kumar</b> is the most respected designerwear brand in India...

Gauri Verma, Label - The Jodi Life

Gauri Verma
Label - The Jodi Life

THE JODI LIFE is an Indian fashion label that creates ready-to-wear for...

Anju Modi, Label Anju Modi

Anju Modi
Label Anju Modi

Filmfare Award winner for best costume designer,<b> Anju Modi </b>is...

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

Leave your Comments

ESTEEMED CLIENTS

Truetzschler India Private Limited
SHAHI Exports Pvt Ltd
MAS Active / MAS Kreeda / MAS Bodyline
Hela Clothing Pvt Ltd
G-Star Raw C.V.
Gloria Jeans
Calvin Klein
Lenzing Aktiengesellschaft
John Varvatos
Maceton Limited
Gap International Sourcing Limited
Eastman Chemical Company
Varner AS Retail
Alix Partners
H;&M Hennes ;& Mauritz (Far East) Ltd
TESCO INTERNATIONAL SOURCING LIMITED
Vianney Textil Hogar S.A. De C.V.
Hirdaramani International Export Private Limited
Lululemon Athletica Inc
Landmark Group
Rayonese Textile Inc., Division de Culp Inc.
Page Industries Limited (Bangalore)
Bluestem Global Sourcing Limited
Amazon China
Reiter India Private Limited
SYNERGIES HONG KONG LIMITED
Phong Phu international JSC (PPJ)
Babyshop
Etam Group Strategy Hong Kong Limited
Tommy Hilfiger
C;&A Sourcing International Ltd
Permoda(Koaj/Armi/Pronto/Bkul)
The LYCRA Company Singapore  Pte. Ltd
Gokaldas Exports Limited
Lacoste (Wanchai)
BIMBA ;& LOLA SL
J ;& P Coats
The Top Form Brassiere Manufacturing Company Limited
Guess Europe Sagl,
IKEA of Sweden AB
Huntsman (Singapore) Pte Ltd
THE BOMBAY DYEING ;& MFG.CO. LTD
Benetton Group
BIANCA
Abit
Helly Hansen Far East Ltd
Grasim Industries Limited
Tchibo GmbH
Arvind Limited
Deckers Outdoor (Guangzhou) Consultant Co., LTD.
Sainsbury's Argos Asia Limited
Groz-Beckert East Asia LLP
Vardhman Textile Ltd
KAS Direct Sourcing
Under Armour Global Sourcing Ltd
Recron Polyester from Reliance Industries Limited
Gatsby Africa
BIRLA CENTURY A DIVISION OF CENTURY TEXTILES AND INDUSTRIES
Asos
Boardriders Asia Sourcing Limited
LC Waikiki
T.T. Limited
Sportmaster Ltd.
KIABI
Aramark Uniform ;& Career Apparel, LLC
Puma
Chori Company Limited
Tory Burch Hong Kong Ltd
Desigual - ABASIC, S.A.
Green Fibre
Rosset ;& Cia Limited
Restoque S.A.
IDH – The Sustainable Trade Initiative
Decathlon
Alison Hayes Romania
Brandix Lanka Limited
HYOSUNG CORPORATION INDIA PRIVATE LIMITED
Chico’ FAS
Splash
Aquarelle Clothing Limited
NITI Aayog
Sateri (Jiujiang) Fiber Co.,Ltd
Midas Clothing Limited
Cat Tuong Real Estate Group Joint Stock Company
Target Corporation (MN)
Walmart
OVS Hong Kong Sourcing Ltd.
Lisa S.P.A.
International Textile Manufacturers Federation
Sportswear Company Spa

January 2022

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


Advanced Search