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The Federation Of Indian Textile Industry Welcomes The GST Reduction In Service Manufacturing Tax

Nov 29, 2017

The Indian textile industry federation welcomed the recent decision by the GST council to reduce taxes on manufacturing and services.

Sanjay kjain, President of the federation of Indian textile industries, said support for the reform of the GST laws by finance minister ArunJaitley and the GST council to promote the development of the textile industry.

Meanwhile, SanjayKJain says the reform will help small businesses to lighten the burden on taxes.

Jain also welcomed the GST board's decision to allow the company to submit a GST tax rebate by March 2018, thereby minimizing the burden on taxpayers.

Under the new reform plan, all companies must submit their monthly GSTR3B by 20 next month.

However, according to GSTR- 1, two categories have been formed.

Companies with turnover of 15 million rupees need to declare every three months.

Companies with turnover of more than 1,500 trillion rupees will have to submit monthly GSTR- 1.

For companies unable to submit GSTR3B in August and September 2017, the government has exempted those companies from submitting delays, and companies that have submitted delays will be reimbursed.

Jain said: "in all departments to tax cuts of 200 projects, is a praiseworthy act, not only can promote the development of manufacturing industry, and will bring huge benefits to the end user of the product.

A decision that will create positive for the economy, help the manufacturing sector to achieve profitability, improve the labor intensive industry of employment opportunities, and share the textiles and other products in the world market profits."

The Indian textile industry association President, said he hoped the GST council can pass the chemical fiber (GST) rate reduced from 18% to 18%, and through the fabric stage returned accumulated input tax credit (ITC), to solve the problem of textile industry is unresolved.