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Panel suggests GST revision to protect domestic textiles
14
Mar '18
Panel suggests GST revision to protect domestic textiles
The overall structure of Goods and Services Tax (GST) for the textiles sector should be reconsidered to protect India’s domestic industry, a Parliamentary Committee has suggested. The Standing Committee on Labour chaired by Kirit Somaiya has also suggested imposition of higher anti-dumping duty on import of certain textile and clothing items.

The ministry of textiles has taken up issues such as inverted duties structure on man-made fibre, imposition of GST on job work, non-refund of input tax credit (ITC), GST for weaving industry, lowering of GST rates for machinery used by MSME textile units, etc, the committee said in its report tabled in Parliament.

The ministry of finance has approved an outlay of Rs 7,147.73 crore for 2018-19, against the textiles ministry proposal of Rs 10,109.05 crore, the panel pointed out.

“The secretary, ministry of textiles has deposed that though it appears that Budgeted Expenditure (B.E) 2018-19 which includes Cotton Corporation of India’s loss of Rs 921.23 crore is more than the B.E 2017-18 by Rs 921.23 crore, in reality B.E 2018-19 is Rs 3 crore less than the B.E of 2017-18,” the Committee said in its report.

The reduction in B.E would adversely impact implementation of current schemes of the ministry of textiles, especially the ones meant for the benefit of unorganised sectors like handloom, handicrafts, wool, sericulture and powerloom, the report mentions. (RKS)

Fibre2Fashion News Desk – India


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