GST concern : Unhappy Traders will not illuminate the market this year The texile traders will not illuminate the market during Diwali festival to mark their protest against GST. The market's buildings will not be decorated with colourful lightings during the Diwali this year first time. The market said that the central government is not accepting the demands of the textile traders on the GST. The government is not supportive and traders have decided not to celebrate Diwali festival. The GST council again has neglected their demands. Except for the relief in e-way bill and abolition of reserve charge mechanism (RCM) till March 2018, the GST Council meeting has not accepted most of the demands put forth by the traders. Traders stated that they will not be able to take the benefit of the composition scheme as the turnover for the scheme has been raised from Rs 75 lakh to Rs 1 crore per annum. Most of the traders, even the small one, will not be benefited by the scheme. The GST Council has given relief to taxpayers by filing quarterly returns, provided his turnover is less than Rs 1.5 crore per annum. In the textile sector, Rs 1.5 crore…
Technical Textiles have a significant part of growth in world textiles .It represents about 31% of the total Textile Production. Technical textiles are defined as textile materials and products used primarily for their technical performance and functional properties rather than their aesthetic or decorative characteristics. Other terms used for defining technical textiles include industrial textiles, functional textiles, performance textiles, engineering textiles, invisible textiles and hi-tech textiles. Technical textiles are used individually or as a component/part of another product. Technical textiles are used individually to satisfy specific functionssuch as fire retardant fabric for uniforms of firemen and coated fabric to beused as awnings. As a component or part of another product, they are used to enhance the strength, performance or other functional properties of that product as done by the tyre cord fabrics in tyres and interlining in shirt collars. They are also used as accessories in processes to manufacture other products like filter fabric in food industry or paper maker felt in paper mills Global Demand and Growth The global demand for a variety of technical textiles has continuously increased as a result of their rising base of applications in end‐use industries. Major end‐use industries are automotive, construction, healthcare, protective…
Surat : Post GST, in two fortnights, the prices of polyester synthetic yarn have reached at a new height. The POY prices rose by 7% and yarn manufacturers have increased various deniers prices from Rs 5 to Rs 10 per kilogram in the first sale of August. The powerloom weavers of the city are worried about the hike in yarn prices. Sources said, weavers are already disturbed by 5 per cent GST on job work, 18 per cent GST on yarn and now on the other hand yarn spinners are continously increasing yarn prices. Industry sources said, there is no rational behind increasing the yarn prices, when the companies are well aware of the fact that there is no such movement in the market. The small weavers, who are operating 12-24 powerloom machines are hugely affected by the tax on job work. Now, the increased yarn prices are further cause of worry for thousands of small-time weavers. During last month, before GST, yarn manufacturers has increased the prices of crimp, Roto and FDY deniers based yarn upto Rs. 3/kg. Now, in August first sale, they have further increased yarn prices upto Rs.10/kg. This will adversely affect the industry and the…
Woven fabric exports were down 4 per cent both in terms of shipment and value and 11 per cent in May 2017. Shipments aggregated 361 million sq meters during the month valued at US$268 million or INR1,700 crore. Total domestic production in all sectors was at 5,335 million sqmotres during May, implying exports accounting for about 7 per cent for the month. Unit value realization averaged US$0.74 per sqmetre in May 2017, the same as in May 2016 but down Rs 2 in Rupee terms at INR 47.30 per sq. metre. This May 141 countries imported woven fabrics from India, with Bangladesh being the largest importer, followed by UAE and Sri Lanka. The thee together accounted for 35 per cent of total woven fabrics during the month. In May 2017, 11 countries did not import any fabric from India as they did last year. However, they were replaced by 18 countries which imported fabric worth US$4.6 million this May. Afghanistan, Hungary, Suriname, Lithuania, Malta, Denmark, Austria, Maldives, Nepal and Estonia were the 10 fastest growing markets for woven fabrics, and accounted for 3 per cent of total value exported in May. Cotton Fabrics Dominates Woven fabrics made of 100% cotton…
Mr. Vinod Chotani, MD of Sudha Mills India Pvt. Ltd. GST is new buzz word for India but in the world it is following from many years. GST is efficient Tax system where different substitute taxes demolishes and only one single TAX is imposed that is Goods & Service Tax. GST will make our system more transparent and strengthen our economy. In the system of this tax, Our PM Mr. Narendra Modi had given assurance of getting the input credit money within 7 to 10 days. 2- Mr. Shiv Kanodia, Ex- Hon General Secretary, Bharat Merchant Chamber GST is something new, as a association GST has a diversified view. Every Association has their different point of view. Textile Industry is very complex as far as its diversity is concern. So some people are against GST as we Indian not adopt change easily, but it’s gradually effective in future. GST close down Multi Window Taxation, it must came much before. Textile Industry needs to be organized and adopt changes which ultimate outcome is our nation progress is our progress. 3- Mr. Manish Kumar, MD of Shree Mahavir Textiles GST is good but there are some drawbacks of GST, like we deliver…
MMF traders starts indefinite strike opposing GST : Business losses of more than Rs.1000 crore Country's largest Man-Made Fabric (MMF) production centre, Surat is come to a grinding halt as over 70,000 textile traders has started indefinite strike against the Goods and Servives tax (GST) regime. Earlier in June, Textile GST Sangarsh Samiti (TGSS) has demanded exemption from GST and had kept total 4 days of strike. But when central government has not given any relief and refused their demand, the samiti has called indefinite strike from July 3. The entire textile industries including weaving, processing, trading is adversely affected and incurred business losses to the tune of over Rs. 1000 crore in total week period. Powerloom weavers and textile traders are unhappy with higher tax rates of 18 per cent on yarn and 5 per cent on fabrics under GST regime. On monday(3rd July) morning, the situation at the textile markets on Ring Road was tensed as large numbers of traders gathered to protest against GST. Some group of people and police were enforcing the traders to open their shops and when they refused, police resorted to lathicharge. After the police action, traders shouted slogans against local leaders and…
Page 1 of 2
No result...