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Market Monitor | August 2016

GST to boost textile exports: ITF

Textile industry in the region today welcomed the passage of GST bill by Rajya Sabha, terming it as one of the biggest and transformational reforms in the economic history of the country and said it would pave the way for growth of exports.

Thanking Prime Minister and the finance minister for this historic reform, Indian Texpreneurs Federation (ITF), an apex body of textile sector, expressed confidence about the positive impacts of GST on overall economic growth in the next few years and said it would make the manufacturing sector more competitive.

As far as the textile sector, being an essential item for the common man, textile items should be kept under GST with the minimum possible tax slab with the special rates, ITF Secretary Prabhu Dhamodharan said in a statement here.

It was an opportunity for the government to bring the entire textile sector under tax net and this move will bring more transparency in the system and will trigger growth, he said.

Tirupur Exporters' Association President A Shaktivel said GST would give a push for export of garments and described it as a "game changing" reforms.

In a letter to Prime Minister Narendra Modi, he said exporters were happy to note that consensus had been built to pass the much-awaited GST Bill.

The industries and the people will get benefit out of the introduction of GST in the system, he said and requested the Finance Minister to address any issues arise in exports further to implementation of GST system.

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AB Carter India Pvt Ltd      AK Technofab      Associated Autotex Ancillaries Pvt Ltd      Basant Wire Industries Pvt Ltd      Bracker AG (Rieter)      C.Gheewala And Co.      DN Associates      Dynamic Autolooms India Pvt Ltd      Elgi Electric and Industries Ltd      Embee Corporation      Eppinger Tooling Asia Pvt Ltd      Excel Traders      Graf (Rieter India)      HMSU Rollers (India) Pvt Ltd      Hyosung Corporation      IVR Carding Systems (I.V. Metalore Agencies)      Jacobi Machinery Pvt Ltd (Simta)      Jiangyin Guoguang Calender And Fibre Roller Co., Ltd      K Tex Engineering Services      K U Sodalamuthu and Co Pvt Ltd      Kinarivala Textile Machinery      Lakshmi Machine Works Ltd      Leuze Electronic Pvt Ltd      Loepfe Brothers Ltd (Masterline)      Luwa India Pvt Ltd      Marvel Gloves Industries / FAB Industries      Megastar Coolers Pvt ltd      Messe Frankfurt Trade Fairs India Pvt. Ltd.( Techtextiles Frankfurt Germany 2017)      Mohler Machine Works Pvt Ltd      Peass Industrial Engineers Pvt Ltd      Priyalaxmi Machinery Manufacturers      Rabatex Industries      Rieter India Pvt Ltd (Novibra)      Rieter India Pvt Ltd (Suessen)      Rieter India Pvt. Ltd (Comber)      Saurer Textile Solutions Pvt. Ltd      Savio Texcone Pvt Ltd      SMEW Textile Machinery Pvt Ltd      SRE Corporation      SSM Scharer Schweiter Mettler Ag      Uster Technologies AG      Vaari Textile Machine India Ltd      AB Carter India Pvt Ltd      AK Technofab      Associated Autotex Ancillaries Pvt Ltd      Basant Wire Industries Pvt Ltd      Bracker AG (Rieter)      C.Gheewala And Co.      DN Associates      Dynamic Autolooms India Pvt Ltd      Elgi Electric and Industries Ltd      Embee Corporation      Eppinger Tooling Asia Pvt Ltd      Excel Traders      Graf (Rieter India)      HMSU Rollers (India) Pvt Ltd      Hyosung Corporation      IVR Carding Systems (I.V. Metalore Agencies)      Jacobi Machinery Pvt Ltd (Simta)      Jiangyin Guoguang Calender And Fibre Roller Co., Ltd      K Tex Engineering Services      K U Sodalamuthu and Co Pvt Ltd      Kinarivala Textile Machinery      Lakshmi Machine Works Ltd      Leuze Electronic Pvt Ltd      Loepfe Brothers Ltd (Masterline)      Luwa India Pvt Ltd      Marvel Gloves Industries / FAB Industries      Megastar Coolers Pvt ltd      Messe Frankfurt Trade Fairs India Pvt. Ltd.( Techtextiles Frankfurt Germany 2017)      Mohler Machine Works Pvt Ltd      Peass Industrial Engineers Pvt Ltd      Priyalaxmi Machinery Manufacturers      Rabatex Industries      Rieter India Pvt Ltd (Novibra)      Rieter India Pvt Ltd (Suessen)      Rieter India Pvt. Ltd (Comber)      Saurer Textile Solutions Pvt. Ltd      Savio Texcone Pvt Ltd      SMEW Textile Machinery Pvt Ltd      SRE Corporation      SSM Scharer Schweiter Mettler Ag      Uster Technologies AG      Vaari Textile Machine India Ltd