NITI Aayog Meets Textile Bodies To Resolve Tax Hurdles

India’s government think tank NITI Aayog recently met with industry bodies from various sectors including those from the textile sector to resolve tax related issues facing the industry.

The meeting was attended by representatives of various textile associations like CITI, PDEXCIL, CMAI, SIMA, TEXPROCIL, etc.

Issues like the inverted duty structure in the MMF value chain, import duty on cotton and textile machinery and several other issues were raised by the industry bodies.

The representatives told the NITI Aayog that it is very important to curb growing imports of garments from Bangladesh and Sri Lanka and also sought a hike in basic custom duty from 5 to 10 percent to control rising imports of MMF Yarn.

Among several suggestions, the bodies also requested that any tax related issue should not be changed anytime during the fiscal, but should be done at start of the fiscal.