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TEXPROCIL Congratulates Ministry of Textiles for Significant Achievements in the Past 4.5 Years

Press Trust of India  |  MUMBAI 

/ -- welcomes increase in GST exemption & Composition Scheme threshold limits

The first ever outreach event on 'Accomplishment and Way Forward for Textile Sector' was organised by the at on 5th and 6th January 2019, and the achievements by the textile industry over the past 4.5 years was recognized by presenting the 'Threads of Excellence Awards' to 17 persons for their outstanding contribution in different fields of textile sector.

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Photo Caption: of Textiles, Smt Smriti addressing National Conclave on 'Accomplishments and Way Forward for Textiles Sector' organised by Ministry of Textiles, GOI.

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Caption: Logo

Dr. K.V. Srinivasan, -congratulated the of Textiles Smt. and the officials at the for their outstanding support to the Textile sector and recognising significant achievements in the last 4.5 years and the areas identified for future growth.

TEXPROCIL also complimented the Government for taking steps in improving 'Ease of Doing Business' in the entire textile

While agreeing with the remarks made by Shri Venkaiah Naidu, of India, on need for modernization, innovation, value addition and focus on Research & Development, TEXPROCIL requests the Govt. of to speed up finalizing various FTAs and bi-lateral trade agreements so as to create a level playing field for Indian suppliers in importing countries.

Thanking the of Textiles, Smt. Smriti for the initiative in recognising the outstanding contribution, TEXPROCIL is confident that such recognition would encourage the industry to work towards more achievements in coming years.

The RoSL scheme of the is encouraging the to focus more on and exporting value added products and thereby creating more employment in the textile eco system. TEXPROCIL sincerely hopes more number of Integrated textile parks will become operational in the near future so as to further improve the competitiveness of the textile sector.

The 32nd meeting of the held on January 10, 2019 has raised the GST exemption threshold limit from Rs.20 lakhs to 40 lakhs effective from April 1, 2019. For the North Eastern states, the threshold has been doubled to Rs. 20 lakh from Rs. 10 lakh. Welcoming the decision, Dr. K.V.Srinivasan, of The (TEXPROCIL), said, "This decision will help the small and medium sized businesses and will encourage growth in the textiles sector."

The has also raised the existing Composition Scheme turnover threshold from Rs. 1 crore to Rs 1.5 crore effective from April 1, 2019. Businesses under the scheme will now pay tax on a quarterly basis but returns will have to be filed annually. "The expansion of the Composition Scheme has come as relief to a large number of small tax payers who are not in a position to file returns on time," according to the Chairman, TEXPROCIL.

Dr. K.V.Srinivasan thanked the Hon'ble Prime Minister, Shri Narendra Modi, and the Hon'ble Finance Minister, Shri Arun Jaitley, for these two very important decisions which will have a positive impact on the overall economy of the country.

About TEXPROCIL:

The (TEXPROCIL) has been set up by the Ministry of Textiles ,Government of with the objective of promoting exports of cotton textiles. The product range that comes under the purview of TEXPROCIL are Cotton Yarn, Fabrics, Made ups and Raw Cotton.

The Council has got about 3000 exporters as its members.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, January 14 2019. 10:15 IST
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