GST tax rate changes to revive the property of small textile units in India

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was suggested Goods and Services Tax (GST) changes Effective January 1, it is helping small and medium-sized enterprises (MSMEs) manufacture polyester and blended fabrics to regain lost ground. A uniform GST rate of 12% gives these textile units an advantage over large factories that manufacture yarns and fabrics.

The Existing GST structure The GST of the fabric is 5%, while the GST of polyester, blended and viscous yarns is 12%, which encouraged yarn manufacturers to establish an integrated manufacturing plant. This gave us a 7% GST benefit. To take advantage of this reverse tax system, most artificial yarn factories in North India, especially Punjab, have installed textile machines and started production.

These large yarn manufacturers have created large fabric production lines for 50-100 machines. As a result, Ludhiana’s small manufacturing department found it difficult to survive in competition, sources told Fiber2Fashion. “In the last few years, fabric manufacturing has moved from small units to large manufacturers.”

The Goods and Services Tax (GST) amendment, which will come into force on January 1, has helped small and medium-sized enterprises (MSMEs) manufacture polyester and blended fabrics to reclaim lost land. A uniform GST rate of 12% gives these textile units an advantage over large factories that manufacture yarns and fabrics.

However, the 12% GST flat rate, which will be applied from January 1, makes textile production unprofitable for yarn producers. According to industry sources, large yarn manufacturers have begun uninstalling fabric making machines with the aim of focusing on the production of polyester and blended yarns.

Sanjay Garg, Chairman of the North Indian Textile Mills Association (NITMA) and Managing Director of Punjab-based yarn company Longowalia Yarns Limited, said: , Said.

Regarding the proposed GST changes, Garg said it needed to bring unity. “It is unlikely that the government will withdraw the decision. The decision was made by the GST council, so the central government is not in a position to call. The decision is beginning to impede trade and will there be a few business activities in the future? The month is not smooth. “

Fiber2Fashion News Desk (KUL)

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GST tax rate changes to revive the property of small textile units in India

Source link GST tax rate changes to revive the property of small textile units in India

The post GST tax rate changes to revive the property of small textile units in India appeared first on Eminetra.

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