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PTA Users Industry seeks single GST rate for entire sector

17
Dec '20
Pic: Shutterstock
Pic: Shutterstock
To help the Indian textile industry to grow at a faster pace and to achieve the target of $240 billion by 2025 from the present $140 billion set by Prime Minister Narendra Modi, the Polyester, Textile and Apparel (PTA) Users Industry has urged the government to consider single GST rate for the entire textile sector from raw material to fabric/garments.

Single GST rate from raw material to fabric/garments will remove inverted duty structure anomaly, according to the PTA Users Industry.

"The government should also announce New Textile Policy to provide higher incentive for exports including yarn & fibre to enable domestic producers compete in the international market," the Industry said in an advertisement thanking the Prime Minister and Union ministers of finance, textiles, and commerce and industry for their unstinted support and for formulating policies to make the country's textile sector more vibrant and growth oriented.

The Industry has also sought reduction of import duties on raw materials which are in short supply to zero, while also discouraging any application for imposing anti-dumping duty. It has further urged that the recently announced production link incentive scheme for apparel and garments should be made applicable for fibre and yarns.

In addition, the government should negotiate trade agreements with the US and the EU so that high duties paid by Indian textiles is reduced, the Industry said in an advertisement in a national daily.

Mentioning that the Indian textile industry is very confident of meeting the set targets with the encouraging policies of the government, the Industry congratulated the government on its encouraging policies to fuel growth of the industry.

Steps taken by the government to encourage the Indian textile industry include removal of anti-dumping duty on PTA in the Budget 2020-21, and withdrawing/closing anti-dumping investigation on MEG, which together have resulted in creating level playing field in terms of key raw material prices of all polyester manufacturing units.

Fabrics and garments producers benefitted by these steps as competitively priced yarns was available to them, giving them opportunities to increase exports and domestic consumption. "Textile industry now moves at high growth rate, thereby creating more job opportunities and fresh investments," the advertisement said.

Fibre2Fashion News Desk (RKS)


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