Textile Industries gearing up for GST, new tax system

The Indian Chamber of Commerce and Industry, Coimbatore, plans to have a series of programmes on Good and Service Tax (GST) so that entrepreneurs in each sector will know in details about its impact on their business with the Lok Sabha and the Rajya Sabha passing the GST Bill and the country at the cusp of a major tax reform, industries are gearing up for the change.

Textile Industrial associations are inviting experts to speak to their members on the impact of GST on the respective sectors.

With the GST expected to come into effect from the next financial year, such programmes will only help industries, across sectors and irrespective of the scale of operation, gear up for the new tax system.

GST is not going to be very simple. It will have benefits in the long run and industries will be able to take credit for the taxes they pay. There needs to be better awareness about it, said Former president of the Indian Chamber of Commerce and Industry, D. Nandakumar.

The Confederation of Indian Industry (CII) – Coimbatore Zone, had a meeting just before the bill was passed and plans one more shortly.

The meeting was attended by some of the chief financial officers of companies too. The Southern India Mills’ Association had a meeting in which experts from Deloitte spoke to textile entrepreneurs.

It plans to have one more meeting this month for the top management representatives of textile mills.

Experts will throw light on the tax structure, the likely system of implementation, its benefits to industries, and the processes that the companies should follow, and areas where they might be affected. However, Industries that are in the unorganised sector and have evaded tax will be hit.

According to industry source, companies that pay the GST will not be able to sell products to such customers in the value chain. For textile mills, the working capital requirement is likely to go up.

Recent Posts

Swisstulle advances dyeing efficiency with JigMaster

Swisstulle adopted JigMaster for its dyeing and finishing operations, especially for high-quality technical textiles used in fashion and automotive industries.

3 days ago

Birla Cellulose and Circ partner to scale textile recycling

Birla Cellulose, a leader under the Aditya Birla Group, has announced a long-term partnership with Circ, a U.S.-based textile recycling…

3 days ago

CARBIOS unveils enzymatically recycled polyester t-shirt

CARBIOS has collaborated with leading brands Patagonia, PUMA, Salomon etc. to create a groundbreaking polyester garment made entirely from textile…

3 days ago

Yangi launches sustainable fiber-based food tray

Yangi, renowned for its renewable packaging solutions, has launched a fiber-based food tray as a sustainable alternative to plastic trays…

3 days ago

Tarpaulife Project develops alternative to PVC-coated fabrics

The European Tarpaulife Project is working on polyolefin-coated fabrics, such as polyethylene, that can be manufactured to compete with PVC-coated…

3 days ago

Better Cotton to standardise measurements for cotton production

Better Cotton has joined the global non-profit alliance, Cascale, in a three-year project aimed at standardising LCA methods across the…

3 days ago