_large.jpeg)
Members of the Erode Cloth Merchants’ Association have decided to observe one day strike on December 10 to condemn the increase in Goods and Services Tax (GST) from 5% to 12% for textile products.
A release from the association said that all textile shops in the city and outskirts will be closed on Friday urging the reduction in taxes. Members said that the Central Board on Indirect Taxes and Customs (CBIC) had notified the GST rate on fabrics that have been increased to 12% from 5% from January 2022.
The rates for all textiles, including woven fabrics, synthetic yarn, and blankets had been hiked to 12%. The move is unexpected as the industry is facing challenges due to an increase in the price of yarn, packing materials, and transportation, the members said.
Vennandur Power Loom Association in Namakkal district would go on strike on December 10 urging the government to reduce the price of cotton. Its president Madheswaran in a release said that the cotton prices have increased from ₹. 9,000 a bundle to ₹14,000 a bundle in two months affecting the entire industry.
Urging the Central government to reduce the GST on textile products, all power looms in the area will not function on Friday.
THE HINDU (The news article has not been edited by DFU Publications staff)
Dear Reader, we at DFU Publications are committed to providing the latest news updates on trade development and insights, to keep our readers informed. Stay tuned. Subscribe to our newsletter.
DAILY NEWS:
