Despite high drama SGCCI claims GST open successful issues to be resolved

  • | Thursday | 19th July, 2018

Even they have consented to look into the accumulated input tax credit (ITC) issues, which is one of the core problems facing the power loom weaving sector.”The power loom sector has pointed out that individual knitters and power loom weavers are unable to sustain against the integrated unit due to the non-refund of ITC. There were many people who raised their voices to deprive others from raising core issues of the trade and industry.“The GST authorities present in the open house have taken a positive and democratic approach and allowed public at large to put forth their issues despite time constraint. But, there were some vested interests who tried to create ruckus at the event and brought disgrace to the entire democratic process,” SGCCI president Hetal Mehta said.Mehta added, “Despite all the drama and chaos, the officials are still in favour of the textile trade and they will be taking positive steps to mitigate the problems faced under the GST. Surat: Despite high pitched drama and raising of voices by representatives of the city’s textile sector at the recently concluded Goods and Service Tax (GST) open house in the city, the Southern Gujarat Chamber of Commerce and Industry (SGCCI) has claimed it as success and asserted some positive decisions soon.The GST open house was held at SIECC on July 13 in the presence of senior authorities from the Central Board of Indirect taxes and Customs (CBIC) and the state GST officials at the Surat International Exhibition and Convention Centre (SIECC) in Sarsana.The SGCCI office-bearers pointed out that there was a malicious plot by some vested interests to ensure that the GST open house turns out to be flop show. Due to accumulation of duty credit, most of the job workers have lost their business and about 300 looms are scraped on a daily basis and 40 per cent of the knitting machines have become non-operational.Further, the power loom industry leaders stated that the accumulation of ITC has resulted in fabrics being exported by merchant exporters as costly to that of their counterparts in China, Vietnam and Bangladesh.

Surat: Despite high pitched drama and raising of voices by representatives of the city’s textile sector at the recently concluded Goods and Service Tax (GST) open house in the city, the Southern Gujarat Chamber of Commerce and Industry (SGCCI) has claimed it as success and asserted some positive decisions soon.The GST open house was held at SIECC on July 13 in the presence of senior authorities from the Central Board of Indirect taxes and Customs (CBIC) and the state GST officials at the Surat International Exhibition and Convention Centre (SIECC) in Sarsana.The SGCCI office-bearers pointed out that there was a malicious plot by some vested interests to ensure that the GST open house turns out to be flop show. There were many people who raised their voices to deprive others from raising core issues of the trade and industry.“The GST authorities present in the open house have taken a positive and democratic approach and allowed public at large to put forth their issues despite time constraint. But, there were some vested interests who tried to create ruckus at the event and brought disgrace to the entire democratic process,” SGCCI president Hetal Mehta said.Mehta added, “Despite all the drama and chaos, the officials are still in favour of the textile trade and they will be taking positive steps to mitigate the problems faced under the GST. Even they have consented to look into the accumulated input tax credit (ITC) issues, which is one of the core problems facing the power loom weaving sector.”The power loom sector has pointed out that individual knitters and power loom weavers are unable to sustain against the integrated unit due to the non-refund of ITC. Due to accumulation of duty credit, most of the job workers have lost their business and about 300 looms are scraped on a daily basis and 40 per cent of the knitting machines have become non-operational.Further, the power loom industry leaders stated that the accumulation of ITC has resulted in fabrics being exported by merchant exporters as costly to that of their counterparts in China, Vietnam and Bangladesh.

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