In the budget 2016-17, Union Finance Minister Arun Jaitley said that he propose to change the excise duty on branded readymade garments and made up articles of textiles with a retail price of Rs 1,000 and above from ‘Nil without input tax credit or 6 per cent/12.5 per cent with input tax credit’ to ‘2 per cent without input tax credit or 12.5 per cent with input tax credit.
With the Union government levying excise duty on readymade products of Rs1000 or more, the prices of branded garment are set to move up by 2 to 5 percent.
The garment industry in Punjab described the levy as “most deplorable†step and said that prices of readymade garments will go up in the range of 2 to 5 per cent.
Ajit Lakra, Head Textile, Federation of Industry and Commercial Organization and a garment maker said on Monday that prices of readymade garment will go up in the range of 2 to 5 percent depending upon the retail price of the product. They strongly condemn this move of the Finance Minister as it will hurt small and medium size industries that are manufacturing garments for big brands.
Condemning the government for bringing small and medium enterprises engaged in garment manufacturing under the ambit of indirect tax, industry questioned the rationale behind the move when the Centre was pushing for bringing Goods and Service Tax (GST) from next fiscal.
Researchers have created an innovative nanofibre patch that aims to simplify and improve the treatment of psoriasis, a common skin…
Clothing 2.0 has teamed up with The Marena Group LLC, a leader in medical-grade compression garments to transform the recovery…
Polartec has enhanced its Power Shield range, as it continues to replace petroleum-based materials with renewable alternatives while improving fabric…
Biomaterial company, Uncaged Innovations, has collaborated with ten independent fashion brands to launch Elevate, a new eco-friendly luxury leather alternative.
Rudolf introduced the Digital Pigment Printing Toolbox, a package of pre-treatment products to improve the quality and sustainability of pigment…
Aquafil Group, the innovator behind ECONYL regenerated nylon, has launched the ECONYL Bespoke Collection that mimic the aesthetics of natural…