Garment Makers in Coimbatore seek GST reduction
The South India Hosiery Manufacturers’ Association has appealed to Union Finance Minister Nirmala Sitharaman to retain 5 % GST on garments that are priced less than ₹1,000 or at least for garments of less than ₹500 value.
In a memorandum submitted to Finance Minister in Chennai on Friday, the Association president A.C. Eswaran said the GST will be up from 5 % to 12 % from January 1 for garments, irrespective of the value of the product.
Basic hosiery garments are purchased by all sections of society as these are essential for everyone. The notification on a hike in GST is a blow to the poor, he said.
A delegation from the Indian Chamber of Commerce and Industry, Coimbatore, Coimbatore District Small Industries Association, Southern India Engineering Manufacturers Association, and Tanstia submitted a memorandum to the Finance Minister seeking withdrawal of Section 194 Q of the Income Tax Act 1961 and withdrawal of section 206 AB of Income Tax Act.
The delegates also sought an extension of time for filing of GSTR Annual Return for the financial years 2017 to 2020.
The Codissia demanded an increase in turnover criteria for MSMEs for registration and taxability under GST from ₹40 lakhs to ₹1 crore for supply of goods and from ₹20 lakhs to ₹60 lakh for the supply of services.
The Tamil Nadu State office-bearers of Laghu Udyog Bharati, who also met the Finance Minister, said the Ministry of MSME and the National Small Industries Corporation should have a tie-up with steel manufacturers and supply the raw material to MSMEs through the NSIC.
The former president of Dyers’ Association of Tiruppur S. Nagarajan said in a separate memorandum said that with the levy of 12 % GST on processing at Common Effluent Treatment Plants two years ago, the processing units were unable to take the input tax credit and nearly ₹150 crore is the amount pending for reimbursement.
However, with the increase in GST for a job working processing units to 12 % from 5 %, this amount will be set off over some time.
Meena
Read, Forest Dept joined hands with Coimbatore College Students to remove invasive species on ycourcoimbatore.com
What's Your Reaction?
