GST Is A Progressive Step Which Will Benefit Textiles Industry: Welspun
‘The real beneficiary is going to be the consumer as the garments and made-ups below Rs. 1000 will be taxed at only 5 per cent’
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The Director of the Strategic Initiatives of Welspun Group, Milind Hardikar said, “Overall, the goods and services tax (GST) is a progressive step which will benefit the textiles industry.” Welspun India Ltd. (WIL) is a home textile manufacturer.
While the textile traders in most of the states in India are against the tax reform, some major players find GST as one of the most progressive steps taken by the government. Hardikar said, “It is an extraordinary move by the Government. It is a taxation system that has transparency built in. In addition to that, it avoids tax on tax.”
When asked about the sector in the industry which will be benefitted the most due to this move, Hardikar replied that the real beneficiary is going to be the consumer as the garments and made-ups below Rs. 1000 will be taxed at only 5 per cent.
Sanjay Lalbhai, the Chairman and Managing Director of textile major Arvind Limited, while speaking highly of GST in the opening ceremony of Textiles India 2017 said, that it is a transformative reform which will eventually remove the barriers between the different states.
He further pledged to support Prime Minister Narendra Modi in his ‘Make in India’ program and other policies, which will pave the way for textiles industry in future.
Gautam Singhania, Chairman and Managing Director of Raymond termed GST as the biggest transformative tax reform India has witnessed. He added, “GST will create a seamless business environment and enable growth in the economy.”
Hardikar further added that GST is ushering in India a new era of, One Nation-One market-One tax and it is also going to promote logistical efficiency.