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Related Keywords: All-powerful GST Council, apparel, Arun Jaitley, at five percent, comprising representatives of all states, decided to tax all job works, embroidery to weaving in the textile sector, headed by Finance Minister, instead of previously decided eighteen percent, rate will be applicable for job works, shawls and carpets, stitching

The all-powerful GST Council, headed by Finance Minister Arun Jaitley and comprising representatives of all states in its meeting held on Saturday, decided to tax all job works from stitching, embroidery to weaving in the textile sector, at 5 percent instead of previously decided 18 percent. This 5 percent rate will be applicable for job works in apparel, shawls and carpets.

This brings smiles on the faces of merchants from Ichalkaranji — the textile town of South Maharashtra.

Related Keywords: Arun Jaitley, Council recommended detailed rate structure, demand of textile traders, discussed in detail in GST Council Meeting, exempt fabrics under GST cannot be met, manufacturers, no change in GST rate for textile sector, not able to claim credit of tax, previous stages, result in zero rating of imported fabrics, Union Minister for Finance

Union Minister for Finance, Defence and Corporate Affairs, Arun Jaitley Tuesday said that the GST rate structure for the textile sector was discussed in detail in the GST Council Meeting held on 3rd June, 2017, wherein the Council recommended the detailed rate structure for the textile sector. The demand of textile traders to exempt fabrics under the Goods and Services Tax (GST) system cannot be met with as manufacturers will then not be able to claim credit of tax on previous stages.

Related Keywords: Arun Jaitley, branded readymade garments, hit readymade garment industry, hurt small and medium size industries, made up articles of textiles, manufacturing garments for big brands, propose to change excise duty, retail price of thousand rupees and above, Union Finaance Minister, without input tax credit

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.

Related Keywords: allocation of funds, Arun Jaitley, discuss issue related to textile sector, FICCI panel, interest subvention for exporters, under Technology Upgradation Fund Scheme

The panel of FICCI Textiles Committee chaired by Shishir Jaipuria met the Finance Minister Arun Jaitley on Saturday to discuss issues related to the textiles sector and pitched increase in allocation of funds under Technology Upgradation Fund Scheme (TUFS) and interest subvention for exporters. FICCI through this meeting has tried to bring to the fore some important issues of pressing concern to the industry in front of the Government.

Related Keywords: Arun Jaitley, do away with anti dumping, excise duty, gujarat textile manufacturers, polyester, present full year budget, president Jitendra Vakharia, price relaxation in acquiring land, rise in raw material prices, simplify taxe, South Gujarat Textile Processors Association, tax cut in budget, Union Finance Minister

Union Finance Minister Arun Jaitley, who will present his first full year budget on February 28, seeking to put Asia's third-largest economy on a path of 7-8 percent growth over the next two years, earlier this month Jaitley had said that the overall economic situation in the country is looking better and added that basic parameters of the Indian economy are moving in the right direction.

The Gujarat textile manufacturers are looking ahead to tax cuts in the Union Budget which will help the industry come out of its current crisis.