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Thursday, 9 March 2017

TEXTILE INDUSTRY URGES CM TO WITHDRAW VAT INCREASE

Southern India Mills Association (SIMA) today urged Tamil Nadu Chief minister K Palaniswami to withdraw the increase of VAT on petrol and diesel, which it said has a cascading effect on textile value chain. In a representation to Palanisamy, SIMA chairman M Senthilkumar said it was affecting the textile industry, which was already paying five per cent VAT on cotton and cone yarn, as against two per cent CST and zero per cent tax in other states,rendering the industry in the state lesser competitive. Moreoever, frequent use of diesel-run generators during power cuts and maintenance period was adding to their woes as there would be an additional burden, with diesel price increasing by Rs 1.76, he said. In view of GST being implemented from July 1, the VAT increase should be withdrawn to save the industry, he said.

Source: Daily News

    
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