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Textile Industries gearing up for GST, new tax system

YarnsandFibers News Bureau 2016-08-31 00:00:00 – Tamil Nadu

The Indian Chamber of Commerce and Industry, Coimbatore, plans to have a series of programmes on Good and Service Tax (GST) so that entrepreneurs in each sector will know in details about its impact on their business with the Lok Sabha and the Rajya Sabha passing the GST Bill and the country at the cusp of a major tax reform, industries are gearing up for the change.

Textile Industrial associations are inviting experts to speak to their members on the impact of GST on the respective sectors.

With the GST expected to come into effect from the next financial year, such programmes will only help industries, across sectors and irrespective of the scale of operation, gear up for the new tax system.

GST is not going to be very simple. It will have benefits in the long run and industries will be able to take credit for the taxes they pay. There needs to be better awareness about it, said Former president of the Indian Chamber of Commerce and Industry, D. Nandakumar.

The Confederation of Indian Industry (CII) – Coimbatore Zone, had a meeting just before the bill was passed and plans one more shortly.

The meeting was attended by some of the chief financial officers of companies too. The Southern India Mills’ Association had a meeting in which experts from Deloitte spoke to textile entrepreneurs.

It plans to have one more meeting this month for the top management representatives of textile mills.

Experts will throw light on the tax structure, the likely system of implementation, its benefits to industries, and the processes that the companies should follow, and areas where they might be affected. However, Industries that are in the unorganised sector and have evaded tax will be hit.

According to industry source, companies that pay the GST will not be able to sell products to such customers in the value chain. For textile mills, the working capital requirement is likely to go up.

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