Powerloom federation urges GST reduction amid U.S. tariff impact

Tamil Nadu Powerloom Associations Federation showed the negative impact of the Union Government’s 50% tariff on the Powerloom Industry of the United States, and called on the human -made fiber (mmf) to reduce the goods and service tax (GST) from 12% to 5%.

In a statement, the President of the Federation LKM LKM LKM, the Powerloom industry in Tamil Nadu more than 20 lakh stalls in more than 20 lakh weavers and employment to 70 Lakh people throughout the country emphasized. However, the industry decreases, many benches are sold as scrap.

The Federation, the Prime Minister’s GST rate deductions and 11% cotton import tax until December, the last announcement of the suspension of the announcement, he said. However, he stressed that the US tariff has more damage to the sector and calls for export incentives to help reduce the impact.

Regarding GST, the first 18% tax on human -made fiber was reduced to 12% following industrial demands. However, synthetic fabrics are still subject to 5% sales tax and enterprises are faced with 3-4 months of delays in receiving the remaining 7% entry tax loan. This results in serious financial coercion and causes more losses by forcing mills to receive loans at high interest rates. The Federation thus reiterated the 5% GST call on MMF to alleviate the load in the sector.