GST BOOKLET FOR TEXTILES SECTOR BY CBEC

GST BOOKLET FOR TEXTILES SECTOR BY CBEC :The Textile industry has an immense contribution in GDP of Indian Economy. Recently CBEC released a GST Booklet for textile sector. Known as one of the oldest manufacturing industry in the country and the second largest, after agriculture, the textile industry employs both skilled and unskilled people. The industry contributes over 10 percent of the total annual exports of the country which is likely to increase under the new Goods and Services Tax (GST) regime. The same has been attached herewith for your referance:

GST BOOKLET FOR TEXTILES SECTOR BY CBEC

[You May Also Refer :Textile sector of India under GST regime ] Despite some changes under the GST regime, the textile sector is in for certain advantages with the implementation of the regime.

Reduction in manufacturing costs

By subsuming the different taxes such as the entry tax, luxury tax, Octroi, etc., the costs for the manufacturers will be reduced in the textile industry.

Allowing input credit on capital goods

In GST regime ITC on capital goods is available in the year of purchase itself which is a boon for the working capital of an entrepreneur.

Increase in export of textile products

The process of claiming ITC is streamlined due to GST which allows the textile sector to be competitive in the export market. Due to the extensive cost of the procedure and delays made in the process of duty drawback, a lot of manufacturers and traders were not inclined towards export during the pre-GST regime. Under the GST regime, the duty drawback system has lost its significance, and input tax credit will be given as refund instead of the duty drawback schemes. This is an important boost that was required for promoting the export of textile products. [You May Also Refer :CBEC decides to liquidate all pending claims of Exports Refund ]

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