Calcutta HC Confirms KMC Can Revise Property Valuation to Levy Tax In ?11.24 Crore Dispute  ||  Bom HC Cancels Bail of Accused Supplying Fake Medicines, Says it Weakens Public Trust in Healthcare  ||  MP HC: Oral, Anal Sex Between Married Couples Not Punishable under Section 377 IPC  ||  SC Says Respect For Higher Court Orders a Basic Principle, Rebukes Authority For Revisiting Order  ||  SC: Merits of Foreign Arbitral Awards Cannot be Re-Examined During Enforcement Proceedings  ||  SC: Failure to Sign Charge Sheet Doesn’t Invalidate Trial if Charges Were Properly Read to Accused  ||  Delhi HC: Bipolar Disorder Alone Does Not Qualify as Medical Disability Without Benchmark Criteria  ||  Kerala HC: Excommunicating Knanaya Catholics For Marrying Outside the Community is Unconstitutional  ||  Kerala HC: Temporary Use of Religious Land For Public Infrastructure is Not a ‘Transfer’ under Law  ||  P&H HC: Habeas Plea in Child Custody Case Not Maintainable if Child is With Natural Guardian and Safe    

Reclassification of MSMEs will help manufacturing: Textiles Minister- (Press Information Bureau) (13 Feb 2018)

MANU/PIBU/0283/2018

Commercial

Minister of Textiles Smriti Zubin Irani said that reclassification of MSMEs and 5 percent reduction in tax on annual turnover of companies up to Rs. 250 crore will help manufacturing and increase employability in textiles sector. Briefing media here today she said increase in customs duty on silk and manmade fibre will discourage cheap Chinese textile products from flooding the market and benefit domestic manufacturers in the power loom sector.

Of the Rs. 6000 crore special package, which was announced in 2016, for the textiles sector, Rs. 1800 crore have already been released and Rs. 300 crore will be released during the current financial year, the Minister informed. She also spoke about 100 % increase in allocation for skill development in Textiles sector. The correction in the GST rates on hand made and machine made garments has created ease of doing business in these sectors, the Minister said. GST rate has been reduced on yarn from 18% to 12% and GST on job work has been brought down from 18% to 5%. Support for merchandise scheme has been enhanced from 2% to 5% for the apparel sector. Smt. Irani attributed 16 percent growth in apparel sector to the effective implementation of subsidy schemes. Rs.138 crore has been disbursed to 28000 weavers as Mudra loan and 1.8 lakh garment workers have formally joined Employees Provident Fund Organisation (EPFO).

The Minister further said that the second round of Hastkala Shivirs will be organised in different parts of the country with special focus on North East region from 19th to 24th of this month. She has also written to Members of Parliament to actively participate in these camps in order to encourage weavers. The Textiles Minister along with senior officials of the Ministry will be a part of these camps. In the first round, 394 camps were held in 247 districts across the country from 7th to 17th of October last year.

Tags : RECLASSIFICATION   MSMES   MANUFACTURING  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved