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Reclassification of MSMEs will help manufacturing: Textiles Minister
New Delhi. 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).(Updated on February 13th, 2018)