Interim Budget: Apparel industry seeks uniformity in GST across value chain
New Delhi, Jan. 24 -- Ahead of the central government's interim budget, the Apparel Export Promotion Council (AEPC) has sought uniformity in Goods and Services Tax for the entire value chain.
In its submission to the central government, it requested a uniform GST of 5 per cent across the entire man-made fibres (MMF) value chain, which largely comprises fibre, yarn and fabric.
Currently, the MMF GST rate on fibre is 18 per cent, yarn 12 per cent, and fabric 5 per cent. The export promotion council believes that it results in unutilized input credit and consequent liquidity issues for MSME units.
Further, it has requested the government to increase the interest equalization rates under the scheme to 5 per cent for all the apparel exporte...
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