KOLKATA: With the Union Budget 2018-19 inching closer, garment dealers here are hopeful of a reduction in the Goods and Services Tax (GST) rates levied on textiles, which, they believe, have drastically hampered sales.
“After the GST was introduced, the volume of sale has significantly reduced, and the number of customers has dropped. We hope that the government will reduce taxes, thereby helping sales pick up again,” Bhisham, a garment dealer told ANI.
The GST was rolled out on July 1 last year and has seen retaliation from the textile sector ever since. While the tax rates were reduced to 12 percent, and then further to 5 percent, the general opinion is that traders have been severely affected by the new taxation scheme.
On a related note, the Budget will be presented on February 1.
The first Budget Session of the Parliament will be held from January 29 to February 9, while the second session will be held from March 5 to April 6.
This will be the last full-fledged budget that will be presented by Prime Minister Narendra Modi-led Union Government.