Mixed opinion on GST; but will help in the long run

It has been a week since the Goods and Services Tax (GST) was rolled out pan India. Fibre2Fashion spoke to a cross-section of the industry to know their views on the biggest economic reform since Independence. While opinion was divided on the immediate fall out of GST, there was near unanimity that it would be beneficial  in the long run.

It has been a week since the Goods and Services Tax (GST) was rolled out pan India. Fibre2Fashion spoke to few people from the textile industry seeking their view on the biggest economic reform since Independence. While opinion was divided on the immediate fall out of GST, there was near unanimity that it would be beneficial for the industry in the long run.#

 

“GST on blended yarn is 18 per cent, which will result in escalation of the price of the finished product. The tax burden will shift to the ultimate consumer,” says R Prem Chander, managing director, Amarjothi Spinning Mills Limited.

 

“Small-scale industrialists who currently are not running their industries under excise will be highly affected due to a major change in the tax rates,” feels Harmeet Singh, director – sales and marketing, Jogindra Industries.

 

On the other hand, Suresh P Bagrecha, managing director, Komal Texfab says, “GST will help the textiles industry in the long run by getting more registered taxpayers under a well-regulated system.”

 

Click here to read some more views.