From the Editors Desk  
Editorial.....
Country is gearing to adopt GST from April 1, 2017. Industry is eagerly waiting to know what would be the final rate of tax under the GST regime. Presently there is huge difference in the tax structure levied on Man made fibre vis-à-vis cotton textile. As per ICRA report, a lower 12 per cent rate, as recommended by the Arvind Subramanian committee last year. This is likely to have a negative impact on the textile sector. Currently, cotton attracts zero central excise duty under the optional route whereas man-made fibres attract a 12% excise dutyat the manufacturing stage.This duty disparity has distorted the domestic consumption pattern in favour of the cotton fibre, contrary to the global trend. Industry has long been complaining about this duty disparity because of man-made fibres account for around 70% of the world’s total fibre consumption, whereas it account less than 30% of India’s demand.In case, both the items would be given equal treatment, the price of textile item made of cotton fibre would rise to some extent but such attempt would give a momentum to man-made fibre and its export. Now, Industry is hoping that such disparity would be rectified under GSTunless the government decides to give some exemption to cotton fibres. Industry is also expecting GST rate of around 15%, if the peak rate is 18%, arguing that textile and garments are essential items. Let wait for GST regime. We hope that GST would give a push to our industry
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