Govt Plans Integrated Tax Framework for Textile Sector to Ease Tax Burden on Raw Materials, Machinery: Report
New Delhi, Oct. 28 -- The Centre is working on an integrated tax framework for the textile sector to provide greater tax certainty and reduce input and machinery costs, helping manufacturers compete in global markets, according to people familiar with the discussions.
The proposed framework may cover GST on textile products and inputs, basic customs duties on raw materials and imported machinery, and anti-dumping duties on select man-made fibre and yarn imports. The aim is to address cost pressures across the production chain, from fibre and yarn to finished products, The Economic Times reported.
The exercise comes as the government seeks to expand textile manufacturing, promote technical textiles, modernise traditional clusters and inc...
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