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Perfect Sourcing Magazine - March 2016

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In this issue

TAXATION- A CHALLENGE FOR THE APPAREL INDUSTRY..

Few days back a fellow exporter friend forwarded me a message which said hey god.. please give me the strength to pay Income Tax, VAT, CST, Service Tax, Excise Duty, Customs Duty, TDS, ESI, Property Tax, Stamp Duty, Water Tax, Professional Tax, STT, Hafta, Donations, Wealth Tax, etc. and if I have some money left after that I will do business.

The message was sent in good humor, but if I see closely it is really becoming a headache for a common man and also a businessman to operate smoothly.

The Union Budget 2016-17 presented by finance minister Arun Jaitley has been a cause of concern for apparel retailers of India as the budget proposes to bring in high- end readymade garments under excise duty net leaving the manufacturers in a difficult situation.

As per the Union Budget,2% excise duty will be levied on branded readymade garments and made-up articles exceeding Rs 1,000 or more.

However, this duty will be applicable only for those manufacturers who do not claim input tax credit (ITC) popularly known as central value added tax (Cenvat) paid on various raw materials.

Read More....

Perfect Sourcing Magazine Description:

Publisher: SAINA-MEDIA

Category: Business

Language: English

Frequency: Monthly

The leading publication for the Indian export textile & apparel Industry.The magazine is distributed free of cost at more than 30 national and international B2B fairs and exhibitions related to apparels, home textiles, hard goods, denims, machinery and, accessories. We have a good presence at industry conferences, seminars, symposiums, etc.With a circulation of 27,000 copies every month we offer you the opportunity to be in front of approx. 30,000 potential clients who are either the Chairman, MD’s, CEO’s CFO’s COO’s, Owners, production and merchandising teams in textile, home textile, fabric, testing, apparel, floor coverings, handicraft, rugs and retail market of India, who make decisions on company’s behalf.