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.
