Uniform GST Rate likely to boost textile sector

Shital Jibhe / 05 Jun 2017

Uniform GST Rate likely to boost textile sector

Textile sector stocks are trading in positive territory After getting Goods and Services Tax (GST) rates by the GST council, the textile sector stocks are trading positively.

Textile sector stocks are trading in positive territory After getting Goods and Services Tax (GST) rates by the GST council, the textile sector stocks are trading positively. A uniform GST of 5% for the products costing below Rs 1000 in the textile industry is likely to give a boost to the sector, as per market observers. The Confederation of Indian Textile Industry has welcomed the move to keep GST rates for the textile sector at 5%.
 
Welspun India Limited was trading higher by around 1.5% at Rs 84.7 per share while Raymond Limited was trading higher by close to 2% at Rs 716.3 per share as of 0931 hours on Monday. Vardhman Textiles Limited was trading marginally higher at Rs 1300 per share.
 
The textile products costing above Rs 1000 will attract 12% levy. Manmade fibre will attract GST of 18% which may adversely impact the entire textile value chain, reported market observers.

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