Ludhiana: Garment and Textile Products Manufacturers hope for elections in several states, the union government will not disappoint voters, especially the business community, and several steps of assistance will be given to them in this budget.
They hold that together with the initial interest subsidy on bank loans, disposing proposals to climb GST on garments and textiles, customs rates on fiber imports for threads must be reduced Great from this budget and the biggest assistance, which the entire textile and garment industry desires, is a reduction in basic customs duty on fiber imports used in thread production.
Over the past year, we struggled to fight high levels of raw materials, such as threads, because of production costs Garments and Textiles have risen and the profit of the margin has shrunk.
If the Minister of Finance continues with the reduction in customs in the fiber, it will provide pillows to yarn manufacturers and they will be able to reduce their product level, which in turn will benefit the manufacturer of garment and textile products.
” Hemant Abbi, Executive Member of the Moti Nagar United Factory Association, Mera The main problem that disrupts the garment and textile industry is the proposed increase in GST to 12% from 5%, which came into force since January 1 this year, but while it was suspended by the GST Board.
“We cannot rest until the proposal to climb the GST is completely removed.
We asked the Finance Minister Union Nirmala Seetharaman to cancel this increase, which had given us a night without sleep.
In addition, the government must also consider making a refund of a simpler income tax and also Increase the limits of income tax exemption to help small entrepreneurs.
“According to Narindal Mittal, Secretary General of the Ludhiana Business Forum and Garment Manufacturer,” We need to support micro and small units engaged in manufacturing, and the best center can be done today is to reduce bank interest on Loans.
In addition, a subsidized scheme that is easy for bank loans for small industries must begin, where producers must be repaid interest reaped in the borrower’s change ratio.
This step will provide enormous financial support to the garment sector, which has seen a tough two year.
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