Textile sector upbeat after Centre hints at GST relief

Surat: Textile entrepreneurs and traders in Surat are pinning hopes on Goods and Service Tax (GST) Council to take proactive decision to resolve their pending demands for simplification and tax relief under the GST when they meet on Friday.
After the representatives from textile sector met Union minister of textiles Smriti Irani in New Delhi on Wednesday, it is believed that the central government has seriously started working in the direction to resolve the pending demands of the textile sector.
“We had an exhaustive meeting with Irani. Looking at the kind of response, there are ample reasons to believe that the government is in mood to resolve the GST issues faced by the sector. Almost 70% of our demands will be accepted,” chairman of Federation of Indian Art Silk Weaving Industry (FIASWI) Bharat Gandhi said.
“Some of the key demands include the accumulation of tax credit, opening stock credit, simplification under ITC-04, 18 per cent GST on
job-work for unregistered firm, reduction of 12% GST on velvet fabric,” he said.
The meeting with Irani took place at a time when Congress vice-president Rahul Gandhi had interaction with textile traders and entrepreneurs in the city, while BJP president Amit Shah organized a series of meetings with the representatives from power loom weaving sector, traders and textile processors over GST issues.
President of Pandesara Weavers’ Cooperative Society Limited Ashish Gujarati said, “The meeting with Rahul Gandhi, Amit Shah and Smriti Irani in last two days went off well. We are hopeful that the GST Council will announce key decisions on Friday.”
Leader of the textile sector asking anonymity said, “We asked Irani why the government took late decision to invite the textile community. She stated that the government was working on the demands from the past one month. However, I feel that the model code of conduct due to elections in Gujarat and Himachal Pradesh will delay the implementation in GST bill.”
Source- Times of India.

Comments

Popular posts from this blog

GST Council cuts rates on 177 items; chocolates, shampoo to attract 18% tax

Consequences of incorrect invoice details uploaded while filing GSTR 1

CPI Numbers on Base 2012=100 for Rural, Urban and Combined for the Month of August 2017