IMPACT OF GST FOR INDIAN TAXTILE SECTOR: A REVIEW

Abstract

GST is defined as the "Goods and Services Tax," and a comprehensive indirect tax system on production, selling and consumption of goods and services at the national level is introduced for that reason. The main goal is to combine all indirect tax levies into one tax excluding customs (excluding SAD) substitute multiple tax levies, resolve current indirect fiscal structure limits and make tax administration effective. GST is the one hundred and first constitutional amendments for India. Goods and services tax (GST). In its separate segments the taxation of the textile industry is not clear. Many textile outputs are either tax exempt or relatively low tax rates under central and state regimes. In Indian economy growth with regards to GDP, export promotion, employment, etc. textile industries play a very important role. This is one of India's oldest development industries. After agriculture, it is the second largest industry to provide skilled and unskilled employment. The government is permitted under the automatic route 100 percent FDI in this business. More than 10 % of total exports are added to the textile industry.