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The Economic Survey, tabled in Parliament by Finance Minister Arun Jaitley, has corroborated the plea of the textile sector for a review of taxes on products left outside the Goods and Services Tax (GST).

The Goods and Services Tax (GST) Council is deliberating on the issue of simplification of return filing process so as to ease the compliance burden. Very soon, there would be a simple and easy return filing process in place.

Betting big on streamlining of Goods and Services Tax (GST) next year, the Centre has estimated a revenue growth of 14.4 per cent for direct tax and 17.3 per cent for the indirect tax revenues next year.

China is exploiting and entering the Indian market at cheap price by routing its yarn and finished fabrics through Bangladesh route giving a difficult time to the textile industries at home, comprising primarily of the Micro, Small and Medium Enterprises (MSMEs), said Punjab Pradesh Beopar Mandal President PL Seth.

The famed silk weaving industry of Varanasi that was facing stiff competition from China which has been dumping cheap silk fabric heaved a sigh of relief with the Budget hiking customs duty on imported silk fabric from 10% to 20%. With the hike in duty, the industry will now find itself in a position to compete with China in domestic as well as overseas markets.

Cambodia announces plans to build a Cambodian cultural village in Beijing which will be completed soon and more trade centres in different Chinese provinces with their diplomatic and trade ties with the East Asian giant at an all-time high.

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