If you like wearing branded outfits then get ready to shell out more on your next shopping as the introduction of GST (Goods and Service Tax) may bump up the price of branded apparels.
As per the Industry experts, they are expecting a tax of 12% GST. But the duties they would now be paying at the manufacturersâ€™ end will be quite high. For worse, the textile industry may witness inflation till third quarter of the financial year in 2017-18.
But in the long run, GST would be beneficial for the industry. Currently as a value chain, in textile, too many inter-state transactions happen. This anyways bump ups the price. With GST the small and medium players would require to pay one tax and things may fell in place.
However, the industry veterans believe that there would be a 3-4% rise in the prices of readymade apparels and other finished textile products. As of now, textile industry pays 8-9% of tax. However introduction of GST may make this tax almost 12%, if not the government starts following the 18% tax rate, which will make the prices dearer further.
And if that actually happens, the middle class buyers that form the major chunk of consumer would be affected the most. Putting a luxury tag will mean a t-shirt worth Rs 500 or a dress of Rs 5000 will have a higher tax slab because of the â€˜brandedâ€™ label.
The textile industry is making sure the tax slab remains limited within a neutral rate as they fear a little above will hit this market like anything.
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