SIMA hails cut of 'GST' on man-made fibre (MMF) from 18-12%

22 November 2021, Mumbai:

Welcoming the Union government’s move to reduce the goods and services tax (GST) rate on man-made fibre (MMF) to 12% from 18%, the Southern India Mills Association (SIMA) said it would help bring the cost of finished goods down.

There was a demand from the industrial players to bring the entire synthetic textile value chain under the 5% GST slab, as in the case of the cotton textile value chain.

In a notification on Thursday, the Union finance ministry had brought all the textile goods, except cotton and cotton yarn that would continue to attract 5% GST rate, under 12% GST rate.

Ravi Sam, Chairman, SIMA, thanked the Centre for production-linked incentive (PLI) scheme for certain man-made fibre, garments and technical textiles, extending the incentives ranging from 7% to 15%.

With this, he said, the government had fulfilled both the prerequisites for removing anti-dumping duty on MMF raw

material and fibres while addressing the inverted duty issues.

TOI

(The news article has not been edited by DFU Publications staff)

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