Role of GST in the Indian Textile Sector : A case study
DOI:
https://doi.org/10.36676/jrps.v10.i4.1406Keywords:
GST (Goods and Services Tax), Indian textile sector, Tax reform, Compliance burden, Production costsAbstract
The Indian textile sector, a cornerstone of the country's economy, has undergone significant changes with the implementation of the “Goods and Services Tax (GST) on July 1, 2017. This paper explores the multifaceted impact of GST on this critical industry, highlighting both the advantages and challenges it has introduced. Prior to GST, the textile sector was burdened by a complex and fragmented tax system, including excise duty, VAT, and service tax, which led to increased production costs and compliance issues. GST's introduction aimed to streamline the tax structure, eliminating the cascading effect of taxes through a unified tax regime. This has resulted in simplified compliance, reduced production costs, and enhanced competitiveness, particularly in the global market. However, the transition has not been without challenges, especially for small and medium enterprises (SMEs) facing higher compliance costs and adaptation hurdles.
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