ITF seeks uniform rate for textiles under GST
The Indian Texpreneurs Federation (ITF) has urged the Tamil Nadu Government to ensure that textile industry gets uniform rate under Goods and Services Tax (GST). According to the Secretary of the federation, Prabhu Damodaran a council meeting of the GST is to be held in the third week of May. Several suggestions given by the Government at the council meetings in the past have been accepted.
The proposed GST is expected to give a boost to the textile and clothing sector. But, for this, the GST should be uniform across the textile value chain, should be at 5 per cent, and all segments of the industry should be covered under GST, without any exception.
The Value Added Tax varies now in each State for textile products with the duties differing for cotton based and MMF-based products. The industry has been seeking uniform and lower GST for textiles to the Central Government. Further, the industry seeks coverage of all segments—from fibre to garments—in the GST net. This will ensure that there is no tax evasion, the federation said.