next textile machinery exhibition and event in surat, gujarat, india

Textile News   >     17-12-2017 - Sunday

  • ‘GST Council has resolved textile sector’s most issues’
  • Surat: Union minister of state for road transport and highways, shipping, chemical and fertilizers Mansukh Mandaviya stated that the textile associations are satisfied as the recently concluded Goods and Service Tax (GST) Council meeting had resolved most of their issues. However, power loom weavers and textile traders had expressed their unhappiness over the decisions then.
  • Addressing media persons here on Tuesday, Mandaviya said, "I have been to Surat on more than four occasions and held meetings with various segments of the textile sectors. A list of 12 demands from three segments was made and presented to the GST Council. I am happy to inform that all the demands have been accepted."
  • Mandaviya stated that the GST Council reduced the GST on yarn from 18 per cent to 12 per cent, the reduction will result in less accumulation of input tax credit (ITC) by weavers, 100 per cent credit is now available on duty payment on input stock, composition scheme has been extended for turnover up to Rs 1 crore and quarterly return filing now on for units having turnover up to Rs 1.5 crore etc.
  • About yarn dealers and spinners not having reduced GST yet, Mandaviya said, "The decision was only taken at the GST Council meeting on October 6. The notification to this effect is likely to be issued in a day or two. The implementation of the same will be done soon.
  • When he was told that textile traders and power loom weavers were unhappy with the GST Council's decision, Mandaviya said, "When the GST law was implemented, the central government had instructed the GST Council to meet every month to resolve the issues. If the weavers and traders have any issues, they can meet us and we will put forth their demands before the council."
  • The Federation of Surat Textile Traders' Association (FOSTTA) and the Federation of Gujarat Weavers' Association (FOGWA) jointly decided not to celebrate Diwali. The markets on Ring Road, Sahara Darwaja and Salabatpura will not be illuminated as a mark of protest against the Centre.
  • "Unfinished fabrics to finished fabrics, saris and dress material all these have to pass at least 15 different stages. At all the stages, there is 5 per cent GST. We have been demanding that there should be single GST at the final stage, which has not been accepted. Also, the composite scheme of Rs 1 crore and the quarterly return for those having turnover up to Rs 1.5 crore is not of any use to the traders," FOSTTA president Manoj Agarwal said.

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