The Apparel Export Promotion Council (AEPC) today welcomed the GST Council's decision , a long-pending demand of the textile industry, and thanked Union Textiles Minister Smriti Irani for taking up the issue.
The Apparel Export Promotion Council (AEPC) today welcomed the GST Council's decision , a long-pending demand of the textile industry, and thanked Union Textiles Minister Smriti Irani for taking up the issue.
In a letter to Irani, AEPC Vice-Chairman A Shaktivel thanked her on behalf of the apparel industry for her "splendid support" toward reviving the industry.
The minister had successfully taken up the issue of ITC Refund with GST Council, which has now now agreed for the long standing demand, he said.
These initiatives would help revival of the apparel sector and to become competitive globally, he added.
The GST Council met yesterday and took various decisions including cutting tax rates on 88 items such as footwear, refrigerator.
Meanwhile, India Inc also welcomed the GST Council's decision to cut rates on several items and simplification of tax return filing process for businesses, saying the move will boost compliance and benefit consumers.
In his first GST Council meeting since he took charge as the Finance Minister in May this year, Piyush Goyal allowed businesses with turnover of up to Rs 5 crore to file quarterly returns -- a move which will benefit 93 per cent of the GST registered taxpayers. They will have to, however, pay taxes monthly.
So far, businesses with turnover of up to Rs 1.5 crore were permitted to file returns quarterly.
In a statement, the Confederation of All India Traders (CAIT) said the single page return form to be filed quarterly for traders having turnover up to Rs 5 crore is a bold step which will ease miseries of traders. "The decisions relating to simplification of returns and especially keeping the interests of small taxpayers are noteworthy. This would facilitate ease of doing business both for small and large taxpayers," Ficci President Rashesh Shah said.
(With inputs from PTI)
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 "ITC refund issue: Apparel industry welcomes GST council decision to allow input tax credit refund")
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