Fabrics

GST Council reduces tax rate for velvet fabric

GST Council on its 25th meeting has reduced the GST rate on velvet fabric (code 5801 37 20) from 12 per cent to 5 per cent with no refund of unutilised input tax credit. The recommendation of the Council will be effective from 00 hours on January 25, 2018. The Council, at its meeting in New Delhi, also decided that the late fee payable by any registered person for failure to furnish form GSTR-1 (supply details), form GSTR-5 (non-resident taxable person) or form GSTR-5A (OIDAR) will be reduced to fifty rupees per day and shall be twenty rupees per day for ?nil? filers. The late fee payable for failure to furnish form GSTR-6 (Input Service Distributor) shall be fifty rupees per day.
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Cotton Fabrics included in Merchandise Exports from India Scheme (MEISP

Cotton fabric exports are likely to rise at least 10 per cent in 2015-16 because of inclusion of the fabric in the Merchandise Exports from India Scheme (MEIS). The products exported under the scheme are eligible for reward on the free-on-board value. Cotton fabrics have been added in the exports list for Bangladesh and Srilanka which will result in extra incentive of 2% on the value. Though cotton fabric is included other popular fabrics like lycra, and other forms of knitted fabrics are left out. Texprocil has urged to include cotton dyed and printed fabrics, and made-ups, to African countries under MEIS.
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    Sri Lakshmi Cotsyn Ltd

    Shri Lakshmi Cotsyn Ltd. is one of the fastest growing Indian conglomerates. It is a US$ 250 million group company and is an integrated multi product and multi market player cov

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    Sri Textile Erode Pvt Ltd

    Sri Textile Erode Pvt Ltd was established in 2003 as Sri Textiles, a proprietorship concern, by Ms. V Padmavathy, and was reconstituted as a private limited company in 2009 by i

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    Stuti Processors Pvt Ltd

    Stuti Processors Pvt Ltd is Surat based company, which was incorporated in 2007 in the name of Flagship Commotrade Private Limited. Thereafter, in 2010, it changed its name to

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    Sudarshan Textiles Pvt Ltd

    Sudarshan Textiles Pvt Ltd is engaged in the processing and dyeing of grey fabric on job work basis. The company has its registered office and manufacturing facility at Surat, G

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    Sunglow Suitings Pvt Ltd

    Sunglow Suitings Pvt Ltd manufactures woven fabrics for suitings and was promoted by Mr. Mahesh Hurkat, who has more than fifteen years of experience in the textile industry. Th

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    Suryavamshi Cotton Mills Ltd

    Suyralakshmi Cotton Mills was founded by L N Agarwal in 1962 with 6000 spindles to manufacture cotton and blended yarns. The company has grown many fold in 4 decades and has a d

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    Sushitex Industries Pvt Ltd

    Sushitex Industries Pvt Ltd was established in the year 2010, by Mr Harish Arya, with the objective to convert grey fabrics into finished fabrics i.e.fancy shirting materials wi

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    Sutlej Textiles Industries Ltd

    Sutlej Textiles and Industries Ltd. (Sutlej Textiles was incorporated on 2005 and was created out of a corporate restructuring exercise in which the Textiles Division of Sutlej

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    Suvidhi Rayons Pvt Ltd

    Suvidhi Rayons Pvt Ltd , Bhilwara, Rajasthan was originally incorporated as Suvidhi Capvest Pvt Ltd in 1997 and was engaged in investment activities. Subsequently, in 2002, SRPL