T.N. Federation of Powerloom Associations seek GST cut on manmade fibre
In a release issued here on Friday, association president L.K.M. Suresh said that next to agriculture, the powerloom sector is the largest source of employment in the State, engaging over 20 lakh weavers directly and indirectly through more than six lakh powerlooms. The industry supports the livelihood of over one crore people in Tamil Nadu, he said. Across India, about 25 lakh powerlooms provide jobs to over 70 lakh people. However, the sector is facing a severe decline, with many looms being dismantled and sold as scrap.
Mr. Suresh thanked Mr. Modi for the Independence Day announcement that GST reforms would be undertaken to reduce tax rates. He said GST on manmade fibre was initially fixed at 18% and later reduced to 12% after repeated requests. But since fabrics made from such yarn attract only 5% GST, the remaining 7% remains as input credit for months, blocking working capital.
'This forces us to borrow for yarn purchases, pay interest, and suffer losses. Reducing GST to 5% will help sustain the industry,' he said.
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