The textile industry is hoping that the GST Council, which is expected to meet today, would consider reducing GST rate on manmade fibres, filaments and yarns to 12 per cent. It feels that the independent weaving unit may have to incur additional cost of over Rs 2 lakh per annum. At the 16th GST Council meeting on June 11, 2017, it was announced that 18 per cent would be the GST rate for manmade fibres, filaments and yarn. The council has also decided not to allow refund of accumulation of inp

Envoy Textiles will raise Tk 150 crore by issuing zero coupon bonds to increase its production capacity. The listed company announced the issuance of the bonds through private placement in a posting on the Dhaka Stock Exchange website yesterday. The board of directors has decided to issue the 5-year series zero coupon bonds with a face value of Tk 150 crore and at a discounted value of Tk 122.42 crore. The issuance of the bonds is subject to approval of Bangladesh Securities and Exchange C

In a bid to boost the silk industry in Jammu and Kashmir, foundation stone for the construction of a cold storage plant has been laid in Srinagar. The new storage plant has the capacity to preserve up to 10 crore seeds at a time. Sericulture sector in the state will witness a boom with the storage facility that will expand the lifespan of a cocoon. The foundation stone for the cold storage plant was recently laid by Jammu and Kashmir agriculture minister Ghulam Nabi Lone Hanjura. The construc

The footwear exports from the country witnessed decrease of 11.31 percent during the first ten months of the current fiscal year as compared to the same period of last year. The footwear exports during July-April (2016-17) were recorded at $79.317 million as compared to the exports of $89.434 million during July-April (2015-16), according to the Pakistan Bureau of Statistics data. Among the footwear, the leather footwear exports decreased by 6.35 percent by falling from trade of $72.248 mi

Trading activity could not gain momentum on the cotton market on Wednesday as most spinners are waiting for the arrival of new crop. Cotton experts believe that increase in temperature during night hours will put adverse impact on this year’s cotton crop production. They said that banning early sowing in Punjab bore fruit as there were no hot spots of jassid and pink bollworm on the cotton crop sown later. The Punjab government has decided to provide cotton sheets to the farmers for con

AIMPLAS, a research institute, has taken initiative to produce biodegradable fabrics. Its FIBFAB project aims to develop 100 per cent bio-based and biodegradable clothing that meets the mechanical and performance requirements of the textile sector with the technology developed in previous EU projects to enhance the final polylactic acid (PLA) crystallinity. The FIBFAB project has been initiated to successfully launch and industrialise the production of biodegradable and sustainable PLA based

Garment imports likely to become five to six percent cheaper than locally made apparel despite the goods and services tax providing input credits to the textile industry due to removal of the special additional duty (SAD), as GST subsumes all taxes including protections. Apparel imports are subject to a countervailing duty (CVD) of six percent on cotton and 12.5 percent on polyester, which importers receive as a central value added tax credit. The CVD is optional at a flat two percent if the

The Central government’s decision to cut the levy of import duty and GST from 29 percent to 16 percent on all imported blankets and fabrics will leave over four crore workers engaged in the country’s textile and mink blanket manufacturing units with a dreary future. These units produce nearly 1.5 lakh mink blankets every day, out of which 15 percent are exported to North America, Europe, Russia and Australia. The GST Council’s decision to decrease the customs duty and other taxes under the GS

Kingbird, a global leader in manufacturing yarns and threads in China, has launched its high tenacity polyester yarns in the North American and European Markets. These multifilament polyester sewing threads are manufactured from the best quality raw material to guarantee stable and high speed stitching. Jessica Lee, Kingbird's Product Manager said that all their clients in North America and Europe can now access their super low shrinkage, low shrinkage and normal shrinkage, high tenacity poly

Claiming that the the confusion over tax rates on job work on garments has not been addressed, the textile industry has knocked the doors of the Ministry, seeking a clarification on the issue. At the June 11 meeting, the GST Council had said that services by way of job work on textile yarns (other than man-made and filament) and textile fabrics would be brought down to five per cent from 18 per cent But the textile sector thinks that processes such as stitching, printing, embroidery mig