The industry has been demanding no changes in the Goods and Services Tax (GST) on the hosiery segment, he said. It has rolled back the increase in GST which was to be implemented from 1 January 2022 and sent it to the rate rationalization committee and now it is to be seen what changes come, he further said.
Any changes in this basic segment will be detrimental to the industry and our federations have been in talks with the government on this issue, Gupta said.
The domestic prices of raw cotton have been on the rise and the industry has been urging the government to abolish the 5% import duty on it. It will allow more cotton imports to come into the country and further stabilize the price of domestic cotton, Gupta said.
The industry is also urging the government to impose an export duty on cotton to check high exports of cotton from the country. This is also leading to a rise in prices, he lamented.
On the company’s expansion plans, Gupta said that the company is constructing a logistics godown at a cost of Rs 50 cr. It is also doubling the capacity of its spindle mills which is currently at 22,000 spindles, he added. This will incur a CAPEX of Rs 60-65 cr, Gupta informed.
Any changes in this basic segment will be detrimental to the industry and our federations have been in talks with the government on this issue, Gupta said.
The domestic prices of raw cotton have been on the rise and the industry has been urging the government to abolish 5 percent import duty on it. It will allow more cotton imports to come into the country and further stabilize the price of domestic cotton, Gupta said.
The industry is also urging the government to impose an export duty on cotton to check high exports of cotton from the country. This is also leading to a rise in prices, he lamented.
On the company’s expansion plans, Gupta said that the company is constructing a logistics godown at a cost of Rs 50 cr. It is also doubling the capacity of its spindle mills which is currently at 22,000 spindles, he added. This will incur a CAPEX of Rs 60-65 cr, Gupta informed.
