[ad_1] Representational image of a crowd on a commercial street in Erode | Photo Credit: GOVARTHAN M With readymade garments priced above ₹2,500 attracting 18% GST, ethnic and festive wear are said to have seen a 15% drop in sales during the festival season. “Our estimate is ethnic wear and festive wear showed a decline […]
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[ad_1] The GST rate cut on apparel priced below ₹2,500 is likely to lift the demand in the mid-premium segment, while the fast fashion/value segment, which account for 65 % of the sector’s revenue, will continue to drive the momentum, says Crisil. | Photo Credit: IDREES MOHAMMED The recent Goods and Services Tax (GST) rationalisation […]
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[ad_1] Gross Goods and Services Tax mop-up was ₹1.73 lakh crore in September 2024. Last month, the collection was ₹1.86 lakh crore, as per government data released. File. | Photo Credit: Reuters GST collections clocked near double-digit growth to amass ₹1.89 lakh crore in September — a month in which the reduced tax rates came […]
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[ad_1] Finance Minister Nirmala Sitharaman. File. | Photo Credit: Bijoy Ghosh Finance Minister Nirmala Sitharaman on Wednesday (September 17) said that the GST reforms will bring ₹2 lakh crore into the hands of the common man. Addressing a gathering in Visakhapatnam, Ms. Sitharaman added that the GST Council decision aims to reduce the tax burden […]
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[ad_1] Textile units that recycle PET and the manufacturers of polyester fibre will face inverted duty challenges with the revised GST rates as the entire textile industry is under 5% GST while the raw materials for the manmade fibre (MMF) sector – Purified Terephthalic Acid (PTA) and Mono Ethylene Glycol (MEG) and PET scrap – […]
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[ad_1] The Laghu Udyog Bharati – Gujarat has sought a reduction of GST from 18% to 5% for submersible pumps. The Association said the more than 90% of submersible pumps (HSN: 84137010) are used in the agricultural sector for irrigation and drinking water supply. The GST Council has considered these pumps under industrial-use classification. But, […]
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[ad_1] At the 56th meeting of GST Council meeting, the current four-tier structure has been replaced with a two-tier one, with a standard rate of 18% and five per cent, and de-merit rate of 40% on selected few goods and services. | Photo Credit: Getty Images The State Bank of India (SBI) in its latest […]
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[ad_1] Representative image | Photo Credit: Reuters The GST rate for labour charges (job work) has been increased from 12% to 18% and it is expected to hit hard the Micro, Small, and Medium-scale Enterprises (MSMEs). C. Sivakumar, president of the Coimbatore Tiruppur district Micro and Cottage Entrepreneurs Association, said one of the long-pending demands […]
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[ad_1] Image used for representation | Photo Credit: Special Arrangement The Federation of Tamil Nadu Powerloom Associations has urged the Union government to reduce the Goods and Services Tax (GST) on manmade fibre (MMF) from 12% to 5%, citing the adverse impact of the 50% tariff imposed by the United States on the powerloom industry. […]
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[ad_1] The textile industry is pitching for a fibre-neutral GST at 5% for the entire textile and apparel value chain. | Photo Credit: SAMUEL RAJKUMAR The textile industry is pitching for a fibre-neutral GST at 5% for the entire textile and apparel value chain. Currently, cotton-based textile sector has 5% GST, except for garments priced […]
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