From the Editors Desk  
Editorial.....
Finally the 122th constitution amendment bill termed as Goods and Service Tax (GST) bill has been passed by the both the house which is described as the biggest indirect taxation reform in recent history. GST was first proposed by former Finance Minister P. Chidambaram, in 2005 and it was passed after a gap of 11 years. The GST will be made effective from 1st April 2017 as the amendment will have to be ratified by at least 16 States.  Once GST comes into effect, all central taxes and state-level taxes and levies on all goods and services will be subsumed within an integrated tax having two components: a central GST and a state GST. Under GST, there will be tax only on value addition at each stage, with the producer/seller at every stage able to set off his taxes against the central/state GST paid on his purchases. It would mitigate cascading or double taxation in a major way and pave the way for a common national market. The various industry bodies have expressed confidence about the positive impacts of GST on overall economic growth in the next few years and expect that it would make the textile manufacturing sector more competitive. 
As far as the textile sector is concern, we hope that textile items should be kept under GST with the minimum possible tax slab being an essential item. Further, it will remove the tax anomalies by bringing the entire textile sector under tax net and will bring more transparency in the system and will trigger growth in the sector.    

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