It seems that confusion related to GST will not fizzle out soon as industry players from both the apparel and textile sectors are very often seen raising their concern about GST and the confusion related to it.
In the apparel industry, the Apparel Export Promotion Council has recently asked the Ministry of Finance for the refund of IGST paid on import of machinery used by the apparel manufacturer and exporters. In a letter written to Ministry of Finance, AEPC has said after the implementation of GST from 1st July 2017, apparel exporters are required to pay Integrated Goods and Service Tax (IGST) up to 18% on assessable value plus Basic Custom Duty while clearing shipments of capital goods under Export Programme Grant Scheme. The incidence of a very high Integrated Goods and Service Tax, without any corresponding relaxation for export obligation has rendered the Export Programme Grant Scheme unattractive.
This story is from the September 2017 edition of Perfect Sourcing.
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This story is from the September 2017 edition of Perfect Sourcing.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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