Related Keywords: Barnala-based Trident Group, big relief to Punjab-based spinning industry, Cotton Ginning Factories Association, Cotton spinning industry, due to higher VAT, help in arrest the trend of flying off of the industry, ICAL, on cotton and other yarn, Spinning industry faces tough time, state budget proposed on Tuesday, welcomes reduction of VAT
The cotton spinning industry welcomes reduction of VAT on cotton and other yarn from 6.05% to 3.63% in the state budget proposed on Tuesday.
The spinning industry was facing tough times in Punjab due to higher VAT, as spinners from neighbouring states used to sell it at 2% VAT, with this reduction in tax rates, the spinning industry will be able to compete, said Bathinda-based Indian Cotton Association Limited (ICAL) former president Rakesh Rathi.
