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Related Keywords: Goods and Services Tax, GST and IGST claims, mandi tax, refund of embedded taxes, Refund on State Levies, stamp duties on export documents, Textile exporters, Textile Industry

Ujwal Lahoti, chairman, Cotton Textile Export Promotion Council said that, “Some policy measures like refund of embedded taxes (also recognised by the Economic Survey for 2017-18), extending the ROSL scheme which refunds state levies like value added tax and generation of captive power, mandi tax, duty on electricity, stamp duties on export documents, etc, and to expedite the refund of pending GST and IGST claims, and ROSL of exporters need to be considered on priority basis.”

Related Keywords: an embedded tax of central excise duties, Goods and Services Tax, GST, Manohar Lal Khattar, not going to adversely affect, not going to put additional burden on textile, slab of 5 percent tax placed on textile, textile business, the CM of Haryana, VAT on cotton yarn

The Goods and Services Tax (GST) is not going to adversely affect the textile business. As presently, there is an embedded tax of central excise duties of 3.38% and 2.8% of VAT on cotton yarn, therefore, the slab of 5% tax placed on textile is not going to put additional burden on textile, said Manohar Lal Khattar, the CM of Haryana.

Moreover, the cascading effect would be mitigated with the event of the GST and the net effective tax on fabric would be minimal, he said at a seminar on GST for members of Legislative Assembly and officials in Haryana.

Related Keywords: as GST subsumes all taxes including protections, become five to six percent cheaper, Garment imports, Goods and Services Tax, locally made apparel, providing input credits, removal of the special additional duty, SAD, Textile Industry

Garment imports likely to become five to six percent cheaper than locally made apparel despite the goods and services tax providing input credits to the textile industry due to removal of the special additional duty (SAD), as GST subsumes all taxes including protections.

Apparel imports are subject to a countervailing duty (CVD) of six percent on cotton and 12.5 percent on polyester, which importers receive as a central value added tax credit. The CVD is optional at a flat two percent if the importer does not claim a set-off against input costs.

Related Keywords: an input credit will lead to lowered input costs, boost Indian textile exports, easing the prices, Goods and Services Tax, GST, improve business climat in the country, increase share of export market, introduction of GST, key to facilitate industrial growth, making industry internationally competitive, textiles is concern

The Goods and Services Tax (GST) is seen as key to facilitating industrial growth and improving business climate in the country. A constitutional amendment measure, the GST Bill needs to be passed by a two third majority in both houses of parliament and by the legislatures of half of the states in the country to become law.

Related Keywords: biggest intimate apparel trade fair, Galleria Intima 2015, Goods and Services Tax, Intimate Apparel Association of India, intimate wear manufacturing, next major hub of intimate wear manufacturing, organized by IAAi, showcased fibres to laces, to hooks and packaging, Union textiles minister Santosh Gangwar

Galleria Intima 2015, India’s biggest intimate apparel trade fair is being organized by Intimate Apparel Association of India (IAAI) with focus on intimate wear manufacturing in India. The objective of the entire exhibition is to focus on the strengths of the Indian industry that can be leveraged to position India as a leading manufacturing destination for intimate wear. The exhibition was inaugurated by Santosh Kumar Gangwar, Minister of State for Textiles (Independent Charge) yesterday.