August 4, 2016
The textile industry has welcomed the GST, terming it as one of the biggest and transformational reforms in the economic history of India and pave way for the growth of exports.
Thanking the Prime Minster and Finance Minister for this historic reform, Indian Texpreneurs Federation (ITF) expressed confidence about the positive impacts of the GST in the overall economic growth of our country in next few years and this single reform would make our manufacturing sector more competitive.
As far as textile sector, being an essential item for the common man, textile items should be kept under GST with the minimum possible tax slab with the special rates, ITF secretary, Prabhu Dhamodharan said in a statement today.
“It is an opportunity for the government to bring entire textile sector under tax net and this move will bring more transparency in the system and will trigger growth in the sector because of uniform tax structure across the products and across the value chain in textile sector,” he said.
Stating that the GST would pave for the growth of export, Tirupur Exporters’ Association president A. Shaktivel said that it was a game changing reform.
In a letter to Prime Minister, Shaktivel said that exporters were happy to note that consensus has been built to pass this much awaited prestigious GST Bill, which was the major reform made in the Indirect Tax system in independent India.
The industries and the people would get benefit out of the introduction of GST in the system, he said and requested the Finance Minister to address any issues arise in exports further to implementation of GST system.