Strikes ends After Discussions with FM; Business to Resume in Few Days.
30th June 2017 was indeed historic as India witnessed the biggest tax reform in 70 years of Independence. Goods and Service Tax is an indirect Tax applicable throughout India which cascaded multiple taxes levied by State and Central government, after 16 long years of discussion and debate on the pros and cons of GST Government of India gave a thumbs up to the bill and from 1st july 2017 28% Goods and Service Tax got implemented pan India.
A single tax will abolish the existing multiple taxes that differ from one state to another. Economists are predicting that the tax reform will change the way businesses are conducted in India and will bring about only good things to the country. Anything new comes with challenges, and Government is facing vehement protest against GST, sporadic yet effective.
Amidst of staging demonstration against GST from different sectors, the textile industry seems to be the most worked up, as under the new taxation system that was rolled out on July 1, it was decided that garments under Rs 1,000 would attract a five percent charge, while those above Rs 1,000 would attract a tax rate of 12%. Also, a five percent tax would be levied on fabric with no refund of unutilized input tax credit.
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Apparel Exports Need Fresh Lease Of Life⊠But How???? A Report..
Last few months have been catastrophic for apparel exports industry of India. One after the other the industry was struggling with one or the other challenge. While global competition is one aspect of the challenges within the country at the moment is being regarded as the biggest deterrent to the slow situation of the industry. Burdened with higher tariffs than their competitors, the exporters need more incentives and protection to stay afloat. Indiaâs foreign trade policy pundits need to renegotiate tariffs on apparel exports with the EU and the US to tackle the emergent economic slowdown in the country. The apparel industry is the countryâs largest low technology employer after agriculture, with 45 million workers, contributing two percent of GDP and 15 percent of export earnings.
Lectra Offering Solutions For Smart Factories & Fashion
The Conventional fashion supply chain model is too opaque, fragmented and slow to respond to diversified consumer demands, quickly enough to satisfy the customers.
Peppermint Clothing Creating Complete Range In Kidswear
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Indian Manmade Fibre (MMF) Industry In Jeopardy: Increased Imports And Esclated Cost Affects Industry
Working out tax rates for different goods and services was a huge challenge for Indiaâs Goods and Services Tax (GST) Council. Although the GST has taken under consideration a significant part of the industry - cotton and natural fibers, distortion has been introduced in the GST system, through the âinvertedâ duty structure on man-made fibers. Man-made fiber and synthetic yarn attract an 18% GST rate as compared to 12% excise duty, while the fabric produced from these fibers is taxed at 5%. This creates a situation where the input is taxed at a much higher rate than the final product.
GTE Celebrating 20 Yrs Of Excellence At 2020 Edition
The Garment Technology Expo (GTEâ20), one of the most trusted brands as far as exhibitions related to apparel technology is concerned is geared for its 20 years of establishments and success in the garment industry.
Manufacturing Excellence It Is All About Widening Horizons
To answer this question, Team PERFECT SOURCING interacted with experienced professionals with years of experience in management, manufacturing, lean management, merchandising, sourcing, factory set up and more. Now working as consultants to many well-known apparel units, their knowledge and experience has supported many. In a face to face encounter with them Team PERFECT SOURCING brings to you the most important aspects of manufacturing and achieving excellence therein.
APD Exports' Geared For A New Knits Factory
The company has production units in Bangalore with 350 machines and can manufacture about 1,20,000 garments/month. The Bangalore processing factory has been working with buyers like s. Oliver, Espirit, Shopco and Kohl’s and the factories.
Luxury Trinkets: The New Fashion Wave
Wallets, Key chains & Leather the new Additions in Retail Chians.
Fairs & Events
Textile Industry Positive About Growth: F&A Show Sees Good Response.
Industry Relieved As Government Clarifies Minimum Monthly Wages Not Going To Be Fixed At Rs 18,000.
After a lot of confusion and debate over the increase in minimum wages as per the new labour laws, the Government has finally given some relief to the already struggling garment industry by stating that the minimum monthly wages are not going to be fixed at Rs 18,000/-. Prior to this, The Apparel Export Promotion Council (AEPC) had urged the Indian Government to clear the confusion over minimum wages for the garment sector at the earliest, as a clarification would restore the confidence of foreign buyers.
