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05 November 2021, Mumbai:
The Indian textile industry is quite concerned & cautiously looking ahead in the wake of impending new tax rates that will come into effect from January 1, 2021, as trade associations unequivocally are consistently maintaining a view on the potential adverse fallout of it," The step will hurt to the extent of 85 percent of the market and will lead to an increase in the prices of 80 percent of the finished products. Money Control
The government's consistent stand is that" it has been deferring & postponed its decision to hike GST rates on these products for over two years now and is overdue but it's COVID-19 pandemic which has been behind this delay.
The official stand is been that as the economy is on the track of smart recovery it is the right time to correct the problem of Inverted Duty Structure (IDS).
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