With a sound tax system and real time governance coupled with availability of surplus cotton, the year 2017-18 will be a good year for cotton textile industry, Southern India Mills Association (SIMA) said today. Welcoming the GST, SIMA Chairman M Senthilkumar appreciated the NDA Government especially Textile Minister Smriti Zubin Irani for bringing a seamless tax structure for the entire cotton textile value chain at the lowest slab rate of 5 per cent GST rate. With the implementation of GST, all indirect taxes would be merged, he said. He however, expressed disappointment for not considering the genuine demand of reducing 18 per cent GST on Man Made Fibre and blended spun yarn to 12 per cent which will avoid huge inverted duty accumulation at grey fabric stage. (This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)

Source: dna July 01, 2017 13:30 UTC