Asian PTA prices fell US$6 a ton CFR China and CFR Southeast Asia in the last week of May. In China, offers for bonded goods declined US$5-10 a ton, and discussions for nearby-month cargoes also inched down on the week.
GST on job work being addressed
Related Keywords: brought down from eighteen to five percent, duly addressed by Finance Minister Arun Jaitley, during a press conference, entire textile chain, GST Council, GST on the job work, job work implies, manufacturer sending goods, out of the factory, Smriti Irani, specialized processing job, Union Textile Minister, without having to pay taxes
Union Textile Minister Smriti Irani responding to a question during a press conference today said that 'GST on the job work has been brought down from 18 to five per cent.
It has been duly addressed by Finance Minister Arun Jaitley and the GST Council.
The concern of the textile industry has been addressed by reducing GST rates on job work of textile yarn and fabric manufacturing from 18 to 5 percent and this has been done for the entire textile chain.
IIT-K team has fashioned wearable technology from silk
Related Keywords: based on silk protein, biocompatibility and biodegradability, biomedical applications, called silk fibroin, fashioned hybrid material, flexibility, potential to spawn prototype textile, smart electronic devices, soldiers and defence personnel, stretchability, Team of experts at IIT Kharagpur, unique properties of silk
A team of experts at the Indian Institute of Technology – Kharagpur has fashioned a hybrid material based on silk protein called silk fibroin due to unique properties of silk. This novel material has the potential to spawn prototype textile-based smart electronic devices for soldiers and defence personnel as well as for biomedical applications.
Bangladesh govt likely to form a Tk 10,000cr special fund for jute industries
Related Keywords: aiming to expand jute industries, Bangladesh government, mulling over forming special fund, regain past glory, similar to Export Development Fund, Textile and Jute Minister Emaz Uddin Pramanik
The Bangladesh government is aiming to expand jute industries and regain its past glory for which they are mulling over forming a Tk 10,000 crore special fund, similar to Export Development Fund, said Textiles and Jute Minister Emaz Uddin Pramanik yesterday.
It is also using Tk 6,000 crore provided by China for balancing, modernisation, rehabilitation and expansion of 26 jute mills in phases.
Coming to office in 2009, the Awami League government overturned decisions of its predecessors to reopen five jute and three textile mills, he said.
Buyers seen making deals for better grade at lint market
Related Keywords: Buyers made deals for better grades of lint, forward deals also changed hands, grade selective, growing demand of end textile made up products, Karachi Cotton Association, shrinking fine lint, slightly higher price, spot rate, Steady physical prices, trading at lint market
With steady physical prices trading at lint market remained grade selective, buyers made deals for better grades of lint on slightly higher price besides forward deals also changed hands.
Floor brokers said that during the trading session, buyers made deals for all grades besides deals for better and second grade of lint for blending purpose remained firm and deals changed hands at around Rs 6,600 per maund to Rs 6,700 per maund.
CMAI in association with TCS develops software on GST compliance
Related Keywords: alert garment manufacturers, association with Tata Consultancy Services, Clothing Manufacturers Association of India, CMAI, developed software, GST compliance, identifies stage of non compliance, premier apparel body, sends automated reminders for tax compliance, TCS
Clothing Manufacturers Association of India (CMAI), the premier apparel body, in association with Tata Consultancy Services (TCS) has developed software to alert the garment manufacturers about GST (Goods and Services Tax) compliance.
The unique software is being launched today for the betterment of textile manufacturers at a minimal cost. From cotton traders to ginners and fabric manufacturers, anyone found non-compliant of the GST will be identified through this software.
Garment exporters urge for lower GST slab for apparel job work
Related Keywords: apparel, apparel segment, carried out by micro industries, embroidery, Garment Printing, garment washing, ironing and packing, job work basis only, job working units, left out of GST reduction. Garment exporters in Tirupur, major segment in textile value chain, urging government to levy only five percent GST
Apparel, a major segment in the textile value chain, has been left out of the reduction. Garment exporters in Tirupur are now urging the government to levy only 5% GST for job working units in the apparel segment.
Raja M Shanmugham, president, Tirupur Exporters' Association (TEA) said that as only services classified as 'job work in relation to yarn and fabrics of textiles' are eligible for the reduced rate of 5%. This negative step would cause huge hardship to several micro industries in textile clusters like Tirupur.
Start up Texfy an e-commerce platform for textile traders
Related Keywords: booking facility, credit facility, doorstep delivery, ecommerce marketplace from July, launching its Business to Business, mentored under NASSCOM 10k startup programme, retailer can book small order, textile traders, tie up with thirty five textile manfacturers, unbranded retail fashion stores, Visakhapatnam based start up Texfy
Visakhapatnam based start up Texfy, founded by Raghunath Penumarthi, Akhil Teja Dandamudi and Srinivas Reddy Yarragudi , being mentored under NASSCOM’s 10k startup programme at its warehouse set up at Sunrise Incubation Hub, Rushikonda is launching its B2B (Business-to-Business) e-commerce marketplace from July.
Start up Texfy an e-commerce platform for textile traders
Related Keywords: booking facility, credit facility, doorstep delivery, ecommerce marketplace from July, launching its Business to Business, mentored under NASSCOM 10k startup programme, retailer can book small order, textile traders, tie up with thirty five textile manfacturers, unbranded retail fashion stores, Visakhapatnam based start up Texfy
Visakhapatnam based start up Texfy, founded by Raghunath Penumarthi, Akhil Teja Dandamudi and Srinivas Reddy Yarragudi , being mentored under NASSCOM’s 10k startup programme at its warehouse set up at Sunrise Incubation Hub, Rushikonda is launching its B2B (Business-to-Business) e-commerce marketplace from July.
ASF prices steady in Asian markets
In China, medium-length fiber and cotton-type staple ASF prices remained range-bound in the last week of May. Acrylic staple fiber markets in Asia saw prices generally move sideways in China, Pakistan and India. In China, exports were becoming favorable while producers saw slow sales in a stagnant domestic market.
Reportedly, many cotton spinning mills switched their products, while woolen yarn makers were confronted with heavy inventory pressure. Thus, some downstream mills will start idling their machines or suspend production.
