Indian Texpreneurs Federation (ITF) today hailed the revision of job work rates for textile, leather and gems and jewellery sectors to five per cent from 18 per cent announced earlier.
In a statement, ITF secratary, Prabhu Dhamodharan said that for the past one week, all associations from here were requesting and representing for this reduction, which was done in the GST Council meeting today.
Thanking Finance Minister, Arun Jaitley and Textiles minister, Smrithi Irani and Council for the reduction, he said that this will help SME clusters like Coimbatore, Tirupur, Erode and Karur in a big way to be inside the tax net and contribute to the nation by way of taxes at the same time without any big burden on tax outgo.
"This revision shows the willingness of government to listen to the concerns of the manufacturing sector," Prabhu said.
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