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Gujarat textile traders unhappy over GST Council decisions
18
Oct '17
The textile associations in Gujarat are satisfied as the recent meeting of the Goods and Service Tax (GST) Council had resolved most of their issues, minister of state for road transport and highways, shipping, chemical and fertilizers Mansukh Mandaviya claimed. However, power loom weavers and textile traders expressed their unhappiness over the decisions.

All 12 demands from three segments of the textile sector were accepted by the council, Mandaviya said addressing media persons in Surat recently.

The Federation of Surat Textile Traders' Association (FOSTTA) and the Federation of Gujarat Weavers' Association (FOGWA) have, however, jointly decided not to celebrate the Hindu festival of Diwali. Many textile markets in Surat will not be illuminated as a mark of protest against the central government, according to a report in a leading Indian newspaper.

The GST Council reduced the GST on yarn from 18 to 12 per cent, which will result in less accumulation of input tax credit (ITC) by weavers. Cent per cent credit is now available on duty payment on input stock, Mandaviya said.

From unfinished fabrics to finished fabrics saris and dress material, textile pass through at least 15 stages and at 5 per cent GST is charged at each stage. Traders’ demand for a single GST at the final stage has not been accepted, according to FOSTTA president Manoj Agarwal. Also, the composite scheme of Rs 1 crore and the quarterly return for those having turnover up to Rs 1.5 crore is not of any use to the traders, he added. (DS)

Fibre2Fashion News Desk – India


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