Impact of GST on Textile Industry

The GST regime brings forth transparent and simple taxation process. It is fast-paced and saves time from filing taxation at multiple levels for goods and services offered by the textile industry. For a country as vast as India, introduction of GST is the first step in making the taxation system more efficient. With the implementation of GST, movement of goods and material within the states will be much easier. Several local state taxes that are levied on the borders of states will be now eliminated and free movement of goods will be seen. This will see more efficient supply chain dynamic across industries. It is expected that the tax rate under GST would be higher than the current tax rate for the textile industry. Natural fibers (cotton, wool) which are currently exempted from tax, would be taxed under GST. Despite this, the¬†textile industry as a whole would benefit from the…

Supply Chain – My changing face in the Indian textile market

Introduction In the Part I of this blog, we established my importance. In this part, we will look at my evolution in the textile industry. I will also tell you about a very innovative and exciting business platform that is facilitating online textile buying and selling. It is because of them that I have become modern and more relatable. I am enjoying being a part of this new venture and I hope you will as well when your start your journey with them! But I am again getting ahead of myself. Before we get on to the exciting part, read on to know the challenges I have faced overtime. Challenges faced and improvisations¬† I have long been affected due to border regulations and poor road-surface quality. Various rudimentary rules and regulations like cross-country road freight transport faces stop-and-search controls at state boundaries slow me down. I have dealt with complex…