KTR Thanks FM Nirmala Sitharaman for Revoking Textiles GST

KTR Thanks FM Nirmala Sitharaman for Revoking Textiles GST

The Goods and Services Tax (GST) Council has decided to postpone the proposed hike in the GST rate on textiles from 5% to 12%, announced Union Finance Minister Nirmala Sitharaman on Friday. She further added that the issue of GST rate on textile will be sent to the tax rate rationalisation committee which will submit its report by February.Telangana Industry Minister KT Rama Rao wrote a letter to Union FM Nirmala Sitharaman on Thursday and appealed to the minister to withdraw the proposal. The GST council now puts off rate hike on textile. KTR thanked Nirmala Sitharaman for the decision to withdraw the proposed enhancement on Textiles. Earlier, KTR in his letter mentioned that the textile and handloom sector that provides the second highest employment in the country has been affected by the COVID-19. He said that taking the current situation into account, the centre should extend additional advantages and incentives to the sector. KTR asserted that 80 to 85 percent of India’s handloom industry products would be adversely affected by the GST hike.Ammonabolu Prakash, president of the Telangana State Federation of Textile Associations, said that the textile industry is present even in remote villages. He also added that 80 percent of people in this sector are a part of the unorganised workforce and can’t be employed in other industries.

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