At present, there are 3 GST rates – 5%, 12% and 18% – for various items under the textile sector
Whereas, countries, such as Thailand (10%), China (16%), and Indonesia (7%) who are doing well in the textile industry have a single rate for all items. Also, when rates are different, it is difficult to refund exporters. This itself is a big issue!! Therefore,
The GOVT will very soon change the GST rates of many items in the textile sector. The idea is to make them more profitable and competitive like other countries.
Download the BEST GST Compliant Business Accounting App