The much-awaited Goods and Services Tax (GST), which will replace at least 17 state and federal levies, is expected to become a reality from July 1 this year as all the states have agreed on the implementation date. This was announced by Economic Affairs Secretary Shaktikanta Das recently.
“GST implementation is a huge one and that is going to be implemented by July 1. Both central and State Governments are working on this,” Das was quoted as saying by a leading English daily.
Passage of GST Amendment Bills was hailed by the textile industry as well which is the second largest employer in the country after agriculture. The industry is of the view that GST will pave way for the growth of economy and exports. For the sector, it appears to be an opportunity to bring the entire textile value chain under GST and benefit in the long run.
Also Read – Textile and Apparel Industry happy with GST
It may be mentioned here that the Government is planning to get the GST Council’s approval on iGST (integrated GST), cGST (central GST) and sGST (state GST) drafts at its March 4-5 meeting before the second half of the Budget Session of Parliament begins on March 9.