Sudhir Sekhri, Chairman, Apparel Export Promotion Council (AEPC) has hailed the new GST reforms introduced by the Indian Government. He calls these measures progressive and forward-looking, saying, they represent a major step toward making India a developed economy.
According to Sekhri, these changes will streamline compliance for businesses, improve cash flow for exporters, and strengthen the entire textile and apparel value chain. He describes the reforms as a ‘decisive step’ toward boosting the ‘Make in India; initiative and enhancing the country's export competitiveness.
Sekhri thanks to Prime Minister Narendra Modi for his visionary leadership and support to the apparel and textile industry through ‘simplified, industry-friendly measures.’
This statement comes as the industry reacts to the GST Council's decision to lower tax rates on man-made fibers and yarns, which is expected to correct the long-standing ‘inverted duty structure.’ While the overall sector has welcomed these reforms, some industry bodies, including the Clothing Manufacturers Association of India (CMAI), have raised concerns about the impact of the 18 per cent GST rate on garments priced above Rs 2,500, which they believe, could negatively impact middle-class consumers and the organized retail sector.
