/ -- TEXPROCIL welcomes increase in GST exemption & Composition Scheme threshold limits
The first ever outreach event on 'Accomplishment and Way Forward for Textile Sector' was organised by the Ministry of Textiles at New Delhi on 5th and 6th January 2019, and the achievements by the textile industry over the past 4.5 years was recognized by presenting the 'Threads of Excellence Awards' to 17 persons for their outstanding contribution in different fields of textile sector.
https://ibb.co/b53HcNW
Photo Caption: Hon'ble Minister of Textiles, Smt Smriti Zubin Irani addressing National Conclave on 'Accomplishments and Way Forward for Textiles Sector' organised by Ministry of Textiles, GOI.
https://ibb.co/9wYjxWV
Caption: TEXPROCIL Logo
Dr. K.V. Srinivasan, Chairman -TEXPROCIL congratulated the Honb'le Minister of Textiles Smt. Smriti Irani and the officials at the Ministry of Textiles for their outstanding support to the Textile sector and recognising significant achievements in the last 4.5 years and the areas identified for future growth.
TEXPROCIL also complimented the Government for taking major steps in improving 'Ease of Doing Business' in the entire textile value chain.
While agreeing with the remarks made by Shri Venkaiah Naidu, Hon'ble Vice President of India, on need for modernization, innovation, value addition and focus on Research & Development, TEXPROCIL requests the Govt. of India to speed up finalizing various FTAs and bi-lateral trade agreements so as to create a level playing field for Indian suppliers in major importing countries.
Thanking the Hon'ble Minister of Textiles, Smt. Smriti Zubin Irani for the initiative in recognising the outstanding contribution, TEXPROCIL is confident that such recognition would encourage the industry to work towards more achievements in coming years.
The RoSL scheme of the Ministry of Textiles is encouraging the value chain to focus more on manufacturing and exporting value added products and thereby creating more employment in the textile eco system. TEXPROCIL sincerely hopes more number of Integrated textile parks will become operational in the near future so as to further improve the competitiveness of the textile sector.
The 32nd meeting of the GST Council held on January 10, 2019 has raised the GST exemption threshold limit from Rs.20 lakhs to 40 lakhs effective from April 1, 2019. For the North Eastern states, the threshold has been doubled to Rs. 20 lakh from Rs. 10 lakh. Welcoming the decision, Dr. K.V.Srinivasan, Chairman of The Cotton Textiles Export Promotion Council (TEXPROCIL), said, "This decision will help the small and medium sized businesses and will encourage growth in the textiles sector."
The GST Council has also raised the existing Composition Scheme turnover threshold from Rs. 1 crore to Rs 1.5 crore effective from April 1, 2019. Businesses under the scheme will now pay tax on a quarterly basis but returns will have to be filed annually. "The expansion of the Composition Scheme has come as relief to a large number of small tax payers who are not in a position to file returns on time," according to the Chairman, TEXPROCIL.
Dr. K.V.Srinivasan thanked the Hon'ble Prime Minister, Shri Narendra Modi, and the Hon'ble Finance Minister, Shri Arun Jaitley, for these two very important decisions which will have a positive impact on the overall economy of the country.
About TEXPROCIL:
The Cotton Textiles Export Promotion Council (TEXPROCIL) has been set up by the Ministry of Textiles ,Government of India with the objective of promoting exports of cotton textiles. The product range that comes under the purview of TEXPROCIL are Cotton Yarn, Fabrics, Made ups and Raw Cotton.
The Council has got about 3000 exporters as its members. http://www.texprocil.
Disclaimer: No Business Standard Journalist was involved in creation of this content
