Textile value Chain

Strict Standards: Only variables should be assigned by reference in /home/pza4s90h9o22/public_html/administrator/components/com_jevents/libraries/config.php on line 28

Strict Standards: Non-static method JSite::getMenu() should not be called statically in /home/pza4s90h9o22/public_html/components/com_jevents/router.php on line 45

Strict Standards: Non-static method JApplication::getMenu() should not be called statically in /home/pza4s90h9o22/public_html/includes/application.php on line 539

Strict Standards: Only variables should be assigned by reference in /home/pza4s90h9o22/public_html/components/com_jevents/router.php on line 45

Strict Standards: Only variables should be assigned by reference in /home/pza4s90h9o22/public_html/components/com_jevents/router.php on line 87

Strict Standards: Non-static method JEVHelper::getNow() should not be called statically in /home/pza4s90h9o22/public_html/components/com_jevents/router.php on line 88

Strict Standards: Only variables should be assigned by reference in /home/pza4s90h9o22/public_html/components/com_jevents/libraries/helper.php on line 736

Strict Standards: Declaration of JParameter::loadSetupFile() should be compatible with JRegistry::loadSetupFile() in /home/pza4s90h9o22/public_html/libraries/joomla/html/parameter.php on line 512
Saturday, 29 December 2018 08:10

ITC credit issue unsolved in GST council meeting : Weavers upset

Written by 
Rate this item
(0 votes)

More than 40 thousands power loom weaving of the city are upset as long awaiting input tax credit(ITC) credit issue remain unsolved in 31st GST council meeting held in delhi last week. Weavers belief that, it goes to be a large loss to power loom weavers as the collected ITC credit is more than 600 crore.

Earlier, the central govt. has issued the notification which said that unutilized ITC balance after making payments of GST for the month of July-2018, will lapse. The weavers are arguing that they have not passed on the credit accumulation to buyers and has treated it as a part of aseets. If government will not allow to carry forward the accumulated credit, it will be a big loss to the industry and the weavers will not be able to expand and mordernize their units.

After several reprentation made by local industry, In the 28th GST Council meeting, it was once decided to allow the ITC to power loom weaving sector. However, the weavers have been unsatisfied when the inclusion of the word ‘shall lapse’ within the revised notification was issued by the central govt. The word ‘shall lapse’ signifies that the weavers who already had paid GST on enter products and services and are prone to get credit won't be able to utilize or lift it ahead within the books of account.

Read 424 times

Strict Standards: Declaration of BtK2DataSource::parseImages() should be compatible with BTSource::parseImages($row) in /home/pza4s90h9o22/public_html/modules/mod_bt_contentslider/classes/k2.php on line 23

Strict Standards: Only variables should be assigned by reference in /home/pza4s90h9o22/public_html/modules/mod_bt_contentslider/classes/k2.php on line 151

Strict Standards: Only variables should be assigned by reference in /home/pza4s90h9o22/public_html/modules/mod_bt_contentslider/classes/k2.php on line 152

Strict Standards: Only variables should be assigned by reference in /home/pza4s90h9o22/public_html/modules/mod_bt_contentslider/classes/k2.php on line 166

Strict Standards: Only variables should be assigned by reference in /home/pza4s90h9o22/public_html/modules/mod_bt_contentslider/classes/k2.php on line 167

Strict Standards: Only variables should be assigned by reference in /home/pza4s90h9o22/public_html/modules/mod_bt_contentslider/classes/k2.php on line 204

Strict Standards: Non-static method modBtContentSliderHelper::fetchHead() should not be called statically in /home/pza4s90h9o22/public_html/modules/mod_bt_contentslider/mod_bt_contentslider.php on line 78

Strict Standards: Only variables should be assigned by reference in /home/pza4s90h9o22/public_html/modules/mod_bt_contentslider/helpers/helper.php on line 83
No result...