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Textile sector to get some relief with reduced GST on yarn

Related Keywords: blockage of working capital, condition of no refund ITC, created a huge accumulation of nonrefundable ITC, entire downward value chain, fabric stage, fabrics slotted under 5 per GST slab, manmade fibres, powerloom sector, slotted under 18 percent GST rate, spinning and power loom sector, SRTEPC, Textile Industry, with weavers, yarns

The man-made fibres and yarns were slotted under 18 percent GST rate while the fabrics were slotted under 5 per GST slab with a condition of no refund ITC at fabric stage. This had created a huge accumulation of nonrefundable ITC with the weavers and blockage of working capital.

Disparity in excise duty rates of cotton and MMF likely to be erased

Related Keywords: attract excise duty, cotton fibres attract none, distorted domestic consumption pattern, duty disparity, Goods and services tax regime, GST, hurting export competitiveness, level playing field vis a vis cotton textiles, manmade fibres, policy maker, prevent domestic producers from scaling up operations, Textile Industry

At present, man-made fibres attract a 12% excise duty while cotton fibres attract none. This duty disparity has distorted the domestic consumption pattern in favour of the cotton fibre, divergent to the global trend. The man-made textile segment long neglected by policy makers, finally expects a “level-playing field” vis-a-vis cotton textiles as the country braces for a goods and services tax (GST) regime.

Suessen to present new compact spinning system at ITM 2016

Related Keywords: demonstrate competence in handling and processing natural, Germany based spinning specialist, manmade fibres, part of the ring and rotor spinning processes, Spindelfabrik Suessen, xhibit their products

Spindelfabrik Suessen, leading Germany based spinning specialist, will exhibit their products to demonstrate its competence in handling and processing natural and manmade fibres as part of the ring and rotor spinning processes at the ITMA 2016 trade fair for textile machinery manufacturers which will be held from 1-4 June in Istanbul, Turkey.

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