The Goods and Services Tax (GST) is not going to adversely affect the textile business. As presently, there is an embedded tax of central excise duties of 3.38% and 2.8% of VAT on cotton yarn, therefore, the slab of 5% tax placed on textile is not going to put additional burden on textile, said Manohar Lal Khattar, the CM of Haryana.
Moreover, the cascading effect would be mitigated with the event of the GST and the net effective tax on fabric would be minimal, he said at a seminar on GST for members of Legislative Assembly and officials in Haryana.
The Chief Minister claimed that the annual average rate of inflation is between 6-8% and the minimal tax burden that might fall on textile is not going to hamper the sector.
Rather, GST would bring traders in the integrated chain of supply of textile, and promote accounted business and transparency.
Though the process of implementing the GST was initiated long ago, it was the strong leadership and will power of Prime Minister Narendra Modi that it has become a reality after 31 years.
Detailing the change that GST would bring about he said that GST could bring about a revolutionary change in the taxation system by amalgamating various taxes, including VAT, Central Excise and Service Tax.
The chief minister called upon the administrative secretaries and department heads to be fully prepared to meet requirements of the GST.
Stressing on the need to shun tax evasion, he said that there is a need to inspire confidence of the people in their governance and by doing so they could motivate the people towards discharging their lawful responsibilities.
Apart from this, they should ensure that every single penny of public money is utilised in the development of the state.
According to Khattar, the GST is a technical issue, its implementation is a challenge for the government. There is a need to become more consumer friendly and priority should be given to employment oriented industries to generate jobs.
Haryana Finance and Excise and Taxation Minister Abhimanyu said that to ensure smooth implementation of GST for the first three months after the GST is rolled out on July 1, the GST Council will hold review meetings every month.
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