GST to create level-playing field for big textile players : Sintex
The Dollar Business Bureau
The introduction of GST regime and merging of taxes under it will help provide a level-playing field for larger textile manufacturers as small or unorganised sector will not be able to use some of the present practices to keep themselves in competition, said an industry official on Monday.
“The introduction of GST may not have any negative or positive impact for the textile industry in general. However, the consolidation of taxes will help create a level-playing field for the bigger textile manufacturers as smaller or unorganised sector will not be able to use some of the current practices to keep themselves competitive,” Rahul A Patel, Group MD, Sintex Industries told journalists on the sidelines of India ITME 2016 in Mumbai.
Sintex, a leading manufacturer of textile, has set an aim to install around one million spindles and already become No 1 in the world with compact facility having more than 3,00,000 spindles installed at its plant at Pipavav in the state of Gujarat, Patel stated.
The textile sector in India is one of the biggest contributors to exports, accounting for almost 11% of the overall outbound shipments. The country’s total textile exports during the financial year 2015-2016 stood at $40 billion and the size of industry is expected to reach $223 billion by 2021.