Wednesday, May 18 2022 | Time 16:20 Hrs(IST)
image
Business Economy


Telangana govt urges Union Govt to withdraw GST revising plans on Textiles, Handlooms sector

Hyderabad, Dec 19 (UNI) Telangana government on Sunday requested the Union Government to withdraw the plans of revising GST from 5 per cent to 12 per cent on textiles and Handlooms sector from January 1, 2022.
In a letter to Union Textiles Minister Piyush Goyal, Minister for Industries K.T.Rama Rao (KTR)said for the past two years, the textiles, especially handlooms sector, was going through a tough phase due to Covid pandemic impact.
At this juncture, revising the GST from the current 5 per cent to 12 per cent would serve as a 'deathblow' to the industry and would leave the entire sector crippled, he said in the letter.
After the agriculture sector, textiles and handlooms sector provide the highest employment in the country, Mr KTR said considering the current scenario, the need of the hour was to extend additional advantages and incentives to the sector instead of revising GST.
The decision to increase GST on textiles and handlooms is not wise, the Minister said never in the country’s history were taxes levied on handlooms and the Centre move to levy 5 per cent tax was strongly opposed by the textiles and handlooms sector across the country, he reminded.
Telangana produces world-class handlooms and weavers are worried a lot due to the Centre’s decision to increase GST,” the Minister stated that almost 80 percent of the units were in the MSME segment. Fixing the rate at 12 percent for fabrics and garments and increasing the rate to 12 percent for fabrics would hit the power loom and handloom weavers.
Adding to this, it will only lead to higher prices for the common people, he said.
Mr KTR suggested rolling back the increase in GST on textile products, or at least keep handlooms at the earlier GST rate of 5 percent..
Increased GST on handlooms would be a mistake because one huge advantage that India has during times when people all over the world are getting conscious of handmade, natural fibers and eco-friendly processes, is that it already has millions of people who are skilled in these processes. It’s time when we should be investing in them and target an international market growth for handloom and natural fiber. Instead, we are trying to drive them out of existence, he added.
UNI KNR GNK
More News

18 May 2022 | 2:57 PM

Kozhikode, May 18 (UNI) Following were the rates in the Kozhikode Coir
market today per quintal.

see more..

18 May 2022 | 2:56 PM

Kozhikode, May, 18 (UNI) Following were the rates in the Kozhikode
Oil Market today per quintal.

see more..

18 May 2022 | 2:55 PM

Kozhikode, May 18 (UNI) Following were the rate in the
Kozhikode Spices Market today per Quintal.

see more..

18 May 2022 | 2:54 PM

Kozhikode, May 18 (UNI) Following was the rate in the Kozhikode
Rubber Market today.

see more..

Cabinet empowers CPSE boards to take call on stake sale, closing units

18 May 2022 | 2:35 PM

New Delhi, May 18 (UNI) Delegating more power and autonomy to the boards of central public sector enterprises (CPSEs), the Union Cabinet chaired by Prime Minister Narendra Modi has approved a proposal to empower Board of Directors of the holding or parent CPSEs to recommend and undertake the process for disinvestment or closure of any of their units.

see more..
image