If you have been thinking of revamping your wardrobe this Spring Summer, you ought to check upon your wallet. It is being said that the introduction of GST (Goods and Service Tax) in the ensuing budget may be instrumental in the rise of branded apparels.
If industry veterans are to be believed, there would be rise of between 3 to 4 per cent in the prices of readymade apparels and other finished textile products. As of now, textile industry pays tax between 8to 9 per cent. However introduction of GST may escalate this tax by almost 12 per cent. If not the government will start following the 18 per cent tax rate which will make the prices more dearer. According to industry experts, they are expecting a tax of 12 per cent GST. But the duties they would now be paying at the manufacturers’ end will be amply high.