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Last updated: 14 Feb, 2018  

Textiles.9.Thmb.jpg New MSME definition to help textile manufacturing: Minister

Textiles.9.jpg
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SME Times News Bureau | 14 Feb, 2018

Minister of Textiles Zubin Irani On Tuesday said that reclassification of MSMEs and 5 percent reduction in tax on annual turnover of companies up to Rs. 250 crore will help manufacturing and increase employability in textiles sector.

Briefing media in New Delhi Irani said increase in customs duty on silk and manmade fibre will discourage cheap Chinese textile products from flooding the market and benefit domestic manufacturers in the power loom sector.

Of the Rs. 6000 crore special package, which was announced in 2016, for the textiles sector, Rs. 1800 crore have already been released and Rs. 300  crore will be released during the current financial year, the Minister informed.

She  also spoke about 100 % increase in allocation for skill development in Textiles sector.

The correction in the GST rates on hand made and machine made garments has created ease of doing business in these sectors, the Minister said. GST rate has been reduced on yarn from 18% to 12% and GST on job work has been brought down from 18% to 5%. Support for merchandise scheme has been enhanced from 2% to 5% for the apparel sector.

Irani attributed 16 percent growth in apparel sector to the effective implementation of subsidy schemes. Rs.138 crore has been disbursed to 28000 weavers as Mudra loan and 1.8 lakh garment workers have formally joined Employees Provident Fund Organisation (EPFO).

 
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NPA in Textiles
Anil Pandey | Thu Feb 22 04:05:45 2018
Is any provision if the NPA is due to careless ness of Bank's. in spite of so many reliefs why Textiles and Kishan are dyeing due to NPA & Suside.


GST ON JOBWORK
Bosco Joseph | Wed Feb 21 03:49:04 2018
GST on Jobwork for textile sector has been reduced from 18% to 5%. What about GST on Jobwork in the engineering sector. Is it also reduced to 5% or does it reamin the same? Appreciate if someone replies with supporting Notification/Circular


Business opportunities and investment
Manish kr Jain | Thu Feb 15 12:37:07 2018
Excellent move to update what will the GST revised rate on small silk textile machine, please update


 
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