Implications of the GST Regime for the Country’s Textile Sector
International Research Journal on Advanced Science Hub,
2020, Volume 2, Issue Special Issue ICARD, Pages 281-285
AbstractNone believed that the GST regime would see the light of the day in our country. It did, and it is almost stale newsnow. What is current news is how to simplify the most complicated GST regime in the world. It was accorded a mixed reception upon arrival, with doomsayers and optimists having their role cut out. Some doomsayers joined the opposite camp and some optimists became doomsayers, though. The researcher’s interaction with two stakeholder categories associated with the textile sector, namely, textile manufacturers and consultants reveal that, on the whole, the impact of the GST regime on the textile sector has not been as bad as originally feared by certain segments of the textile sector. Even where a few hiccups were witnessed, it is believed, the problems and difficulties can be smoothed over, with the passage of time. The GST Council has been sensitive to the problems faced by the tax-payers although there is still some way to go. The researcher recommends that the sector players import state-of-the-art technology by availing of the tax carrots the GST regime offers. It will help the said players improve their bottom-lines.
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