Synthetic textile industry divided over GST rate revision

Power loom, mills welcome rate cut; traders cry foul

The synthetic textile industry is divided in its reactions to the latest revision in the goods and services tax (GST) rates announced by the country’s finance minister, Arun Jaitley, on Friday. 

The GST Council on Friday announced a reduction in tax rates on man-made yarn from 18 per cent to 12 per cent, while slashing GST levy on job work of zari (embroidery) to 5 per cent, from the previously agreed upon rate of 12 per cent.

The GST Council also announced a slew of other measures related to the new tax regime that has completed two months now.

Further,