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Related Keywords: accumulation of excess credit, affect independent weaving, become a blocked credit, eighteen percent rate on yarn, increase fabric cost, MMF, reduction of GST rate on manmade fiber, refund to be permitted for fabric manuafacturers, spinning units, Textile mills, to twelve percent, yarn

Textile mills demand reduction of GST rate on manmade fiber (MMF) and yarn to 12 percent from 18 percent and refund should be permitted for fabric manuafacturers.

According to Prabhu Dhamodharan, secretary of Indian Texpreneurs Federation, about 430 mills have recently sent their appeal to the Prime Minister’s Office in this regard.

While the rate for fabric is 5 percent that for yarn and fibre is 18 percent. Fabric manufacturers do not have the provision of refund and hence, this would become a “blocked credit”.

Related Keywords: assured delegation of All Pakistan Textile Mills Association, better prices in future, cotton bales, Cotton market, Cotton yarn market, cut gas tariff, ginners reluctant to sell stock, in line with global trend, KCA, millers holding quality cotton, spinning units, spot rate, Sui Northern Gas Company, Trading ring in Pakistan

Talks in the trading ring in Pakistan have confirmed that in a recent meeting the Sui Northern Gas Company has assured a delegation of All Pakistan Textile Mills Association (Aptma) to cut gas tariff by 28 per cent.

There were some big-lot deals of buying and selling from many millers who tried to get hold of quality cotton, but ginners were generally reluctant to sell their stock in the hope of getting better prices in future.

Related Keywords: Gujarat textile policy, South Indian yarn makers, spinning units

The Gujarat Chamber of Commerce and Industry (GCCI) offering helping hand to the South India based yarn makers to explore affordable land to build a yarn cluster in Gujarat and also assist them to build shift to the power abundant state of Gujarat, as the Tamil Nadu and Andhra Pradesh based yarn makers are facing frequent power cuts, eating into the businesses.