Textile leaders from Surat meet Finance Secretary over GST related issues

Source: http://knnindia.co.in

Surat, June 6 (KNN) With a view to discuss issues related to the Goods and Service Tax (GST), leaders from the textile sector of Surat met Union Finance Minister Piyush Goyal and Finance Secretary Hasmukh Adhia.

A delegation led by Navsari MP CR Paatil, including other textile industry leaders put forth various demands related to the simplification of GST, refund of the Input Tax Credit (ITC) etc.

Sharing the concerns, Minister was informed that the textile processors, yarn spinners and the embroidery units are allowed to claim ITC refund, but when it comes to weaving industry, there is a clear discrimination by the central government.

According to power loom weavers, the average ITC refund amount per loom per year comes to around Rs 7,000. The city has 6 lakh power loom machines and total annual ITC refund amount is pegged at Rs 420 crore.

The delegation urged the finance secretary for the early payment of refund of ITC.

In this regard, Finance Secretary has promised the delegation to bring the issue in the next GST Council meeting.

Categories: Business, India, Textile

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