GST hurts textiles: Traders to wait and watch till post-Diwali work begins

While the impact of the high rate has been across sectors, the worst hit is the weaving segment

At his dingy office in the Sachin Industrial Estate, Amit Lakhani is busy perusing brochures of large textile companies these days. The 38-year-old second-generation owner of a weaving business is looking for a change in work.

The reason: The downturn in business since the roll-out of the goods and services tax (GST) in July. Even the revision of the GST rate announced on Friday has failed to revive his hopes.

“I’ve already discarded 100 looms that were being run from rented premises. The remaining 200 are also bearing losses. The revision of the tax rate is not enough for me