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Wednesday , 23 August 2017
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GST will not affect textile business: Khattar

Haryana CM Manohar Lal Khattar said that GST is not going to affect the textile business.

“Textile has been placed in the slab of 5 per cent under the GST. Presently, there is an embedded tax of central excise duties of 3.38 per cent and 2.8 per cent of VAT on cotton yarn,” he said.

Therefore 5 percent tax on fabric will not cause any burden on textile says Khattar.

“Moreover, the cascading effect would be mitigated with the event of the GST and the net effective tax on fabric would be minimal,” he said at a seminar on GST.

The CM claimed the annual average rate of inflation is between six to eight percent is not going to hamper the sector.

“Though the process of implementing the GST was initiated long ago, it was the strong leadership and will power of Prime Minister Narendra Modi that made it has become a reality after 31 years,” Khattar said.

GST would bring about a revolutionary change in the taxation system he said.

The CM called administrative secretaries and department heads to be fully prepared to meet requirement of GST.

“There is a need to inspire confidence of the people in our governance and by doing so we could motivate the people towards discharging their lawful responsibilities.”

“Apart from this, we should ensure that every single penny of public money is utilised for the development of the state,” Khattar said.

There is a need to become more consumer friendly and priority should be given to employment oriented industries to generate jobs, he said.

The GST is a technical issue, its implementation is a challenge for the government, Khattar said.

He said he has raised several issues concerning the state’s industries before the Council.

 

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