The Indian textile industry is hopeful of growth with revision in the GST rate announced at the 22~(nd) meeting of the GST Council. The change in GST rate will strengthen the entire textile value chain and make textile industry globally more competitive while boosting electronic payment of taxes, according to various textile industry associations. By announcing reduction of GST rates for MMF yarns and its products from 18 per cent to 12 per cent, the GST Council has met a long pending demand of the textile industry. The announcement has sorted out a big issue of inverted duty for the MMF products as it was causing serious issue of escalation of the cost of synthetic products which was further leading to cheaper imports from the competing countries like China and Indonesia.
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