Parliamentary panel suggests anti-dumping duty, GST revision to boost textiles sector

By: |
New Delhi | Published: March 14, 2018 12:07:43 AM

The Textiles Ministry should impress upon the Finance Ministry to reconsider the overall GST structure for textiles sector and impose higher anti-dumping duty to protect the domestic industry, a Parliamentary panel has said.

GST, textile sector, anti dumping duty, GST regime, GST revision, GST returns, textile industry, Textiles Ministry, economy, india economy, goods and service tax, GST reformIn its report tabled in Parliament today, the Standing Committee on Labour chaired by Kirit Somaiya said it desires the Textiles Ministry to impress upon the Department of Revenue/Finance Ministry to reconsider GST structure for textiles. (Reuters)

The Textiles Ministry should impress upon the Finance Ministry to reconsider the overall GST structure for textiles sector and impose higher anti-dumping duty to protect the domestic industry, a Parliamentary panel has said. In its report tabled in Parliament today, the Standing Committee on Labour chaired by Kirit Somaiya said it desires the Textiles Ministry to impress upon the Department of Revenue/Finance Ministry to reconsider GST structure for textiles. The panel noted that the Textiles Ministry has also taken up the issues on inverted duties structure on man-made fibre, imposition of GST on job work, credit transfer documents issues, non refund of input tax credit, GST for weaving industry, lowering of Goods and Services Tax (GST) rates for machinery used by MSME textile units, etc. It observed that against the Textile Ministry’s proposed outlay of Rs 10,109.05 crore during the year 2018-19, the Ministry of Finance have approved Rs 7,147.73 crore only.

“The Secretary, Ministry of Textiles has deposed that though it appears that Budgeted Expenditure (B.E) 2018-19 which includes Cotton Corporation of India’s loss of Rs 921.23 crore is more than the B.E 2017-18 by Rs 921.23 crore, in reality B.E 2018-19 is Rs 3 crore less than the B.E of 2017-18,” the Committee said in its report. It noted that the reduction of B.E would adversely impact implementation of ongoing schemes of the Ministry of Textiles, particularly those aimed at benefitting the unorganised sectors of powerloom, handloom, handicrafts, wool and sericulture.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Stimulus effect: Big MGNREGS job surge despite Covid lockdown
2Future Ready: Will get growth back, reforms on track, says PM Modi
3India needs to open up more and knock down import tariff imposed in last 3 years: Arvind Panagariya