Textile industry struggles to reach stability point post GST

Updated:8 years, 5 months ago

Surat (Gujarat), Jan 09 (ANI): Months have elapsed since the Goods and Services Tax (GST) was rolled out across the nation, but textile industry in Gujarat’s Surat continues to struggle to reach a stability point. With various shops being shut down and the decrease in overall sale, businessmen and workers earning their living from textile industry are still facing difficulties. About 250 shops from 8 well known markets in the city have been shut down. The overall production per day in the city, which was 4 crore meters has reduced to 2 crore meters per day. Moreover, there is a considerable decrease in the rents of the shops. The shop owners are ready to give their shops on rent with at 20-30% dip in the rent, but are still unable to find tenants. The power looms in the city too has been affected with thousands of power looms being shut down in the last 1 year. Many businessmen have now changed their businesses from textiles to various other businesses. Billed as India’s biggest tax reform since independence in 1947, the GST replaced more than a dozen federal and state levies and was meant to unify the country into a single market. GST was rolled out on July 1, 2017.

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Textile industry struggles to reach stability point post GST

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