The Zippers Association of India has requested the chairman of goods and services tax (GST) council to lower the tax slab on zippers to 12 per cent from the existing 18 per cent and include zipper in textile industry components. The demand follows problems being faced by the sick sector due to the implementation of GST and its impact on apparel exporters.
As the tax rate of 18 per cent is “too high and unjust” compared to the 5-12 per cent tax on textile items, many zipper units are closing down, association president Amit Tandon said in a press release. About 27 zipper units have closed down since GST was implemented in July, he said.The Zippers Association of India has requested the chairman of goods and services tax (GST) council to lower the tax slab on zippers to 12 per cent from the existing 18 per cent and include zipper in textile industry components. The demand follows problems being faced by the sick sector due to the implementation of GST and its impact on apparel exporters.#
The government policy towards the zipper industry has lacked consistency and has witnessed many flip flops, the release said. Almost 80 per cent of all zippers are used in the textile industry and more than 95 per cent of the raw materials used in their manufacture, such as polyester or monofilament yarn, thread and tape, are textile items, which are taxed at 12 per cent. (DS)
Fibre2Fashion News Desk – India
20240830145952.gif)
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
