Many large companies to move Appellate Authority against GST demand notices
In recent days, an increasing number of GST notices have been sent to many companies mainly on account of alleged discrepancy in input tax credit (ITC).
The Indian fashion industry that has been constantly evolving and growing with the touch of tradition and modernity in all its crease and seams may be set to roll out new twist and twirls soon, as few more days are left for GST implementation.
The textile sector, the backbone on which the fashion industry lies strongly, has been chipping in positive response to the five per cent rate on the sector, whether cotton, jute or silk.
As per reports, the industry has welcomed the rate which applies to the "sale of garments with a value of less than Rs.1,000", terming it "excellent tax structure".
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"In the broad sense, there has been a lot of positive response from the industry," A Madhukumar Reddy, Joint Secretary, Ministry of Textiles, had told reporters.
However, textile traders and weavers in Surat are strongly opposed to GST. They observed complete shutdown on Thursday, demanding withdrawal of GST. Around 80 textile associations across the country supported the sutdown, sources said.
Several traders and textile associations are likely to hold a meeting with the government in New Delhi from June 16 to June 26 over the issue.
Meanwhile, as the GST date nears, stakeholders are raising new concerns. A segment of the industry is seeking 12 per cent GST on textiles and garments. And as the government remains firm on 1 July GST rollout, states are also likely to seek lower rate on gold and footwear which are very much a part of the fashion industry.
Which way the wind may blow for the fashionistas, whatever rate would be stamped and rolled out, there surely is some new moves brewing in the Indian fashion industry which may either brighten or dampened the fashion scenario in the country.
Get ready for new wraps (pun intended) and rolls in different shades and styles.
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