Turnover of most of the weavers does not exceed Rs 20 Lakh and therefore they do not require registration under GST. Moreover, GST is implemented through an Act of Parliament with States as equal partners in GST Council with Government of India.
GST has been introduced by the Government of India to rationalize multiple taxes on goods & services and to bring transparency in the taxation system. It is applicable to the Textile sectors also, including handlooms.
This information was given by the Union Minister of Textiles, Smriti Zubin Irani, in a written reply in the Rajya Sabha today.
- apparel2023.02.02Total Revenue of 19,041 Million Posed By Welspun India in FY 23
- Textile Industry2023.02.02Slowdown in Textile Parameters in FY 22-23, Says Indian Economic Survey
- Apparel, Fashion & Retail2023.02.02Retail sector Budget reaction quote: Durga Prasad Chalavadi, CMD, Sai Silks Kalamandir
- Market Reports2023.02.02Methanol Market worth $36.3 billion by 2026