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TN removes 5% VAT on textile products

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The Tamil Nadu government has decided to withdraw five per cent value-added tax (VAT) on textile products, which was introduced by the state government on July 12. The decision came after dissatisfaction among the fabric manufacturers who had been exempt previously. Chief minister said the textile industry had been affected due to slowdown in the international market and also due to higher stock of yarn in the spinning mills. "Keeping the problems faced by the industry now, it has been decided at the Cabinet meeting to exempt the textileproducts from the ambit of value-added tax (VAT). This will boost the Tamil Nadu textile industry," said the chief minister. Welcoming the decision, A Sakthivel, president, Tirupur Exporters Association, said it would bring down the cost by five per cent.

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