The Southern India Factory Federation (SIMA) Budget Recommends Reducing The Tax On Artificial Fibers

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(SIMA) to provide the government with some important pre budgetary proposals, such as levying a 5% commodity and service tax (GST) for raw cotton, reducing the commodity and service tax of man-made fibres (MMF) and recycled polyester staple to 12% and 5% respectively, and collecting commodity and service taxes for petroleum products.

SIMA said in a press release because

It can only enter the commercial circulation area after the production of raw cotton. Therefore, it may be possible to use GST in the lint stage and to purchase cotton directly from the farmers. The goods and services tax can be exempted to reduce the plight of insufficient liquidity at the time of purchase.

SIMA believes that the reduction of GST from 18% to 12% is crucial because these fibers provide more job opportunities and get higher added value.

All petroleum products should be included in the goods and services tax to reduce production costs and allow the seamless circulation of import tax deductions.

Although the GST law allows for the refund of credit lines accumulated by the reverse tax structure of goods and services, restrictions on fabrics will increase the cost of products when added value.

According to SIMA chairman P Nataraj, because the fabric and its value-added products are public goods, the credit limit can be allowed to be used or refunded, thereby reducing the negative impact on the products.

The association said the government should also reduce the corporate tax rate from 34.6% to 25% in stages.

The advantages of the India merchandise export plan (MEIS) and the benefit equalization program (IES) include the cotton yarn industry to prevent the export of cotton yarn from slid down, and the small and medium enterprises in the spinning industry need stimulus plans to alleviate the effects of the deteriorating industries and the implementation of GST.

Related:

India is global

Geneva's World Economic Forum (WEF), India has ranked thirtieth in the global manufacturing index.

In the report on preparation for future production reports, Japan ranked first in the best production structure, followed by Korea, Germany, Switzerland, China, Czech, the United States, Sweden, Austria and Ireland.

According to a news agency report, although India ranks far below Fifth Chinese, it is higher than other BRICs.

Russia ranked thirty-fifth, Brazil forty-first, South Africa forty-fifth.

The report divided 100 countries into four categories: leading, high potential, heritage and newborn.

Although China is a "leading country", Brazil and South Africa are "newborn" countries, but India and Hungary, Mexico, Philippines, Russia, Thailand and Turkey are listed as "heritage".

In a report released later this month in Davos, Switzerland, the world economic forum said that the 25 leading countries are in the best position when the production system is on the verge of exponential change.

India is the fifth largest manufacturing country in the global manufacturing industry. In 2016, the added value of manufacturing industry totaled more than 420 billion US dollars. Over the past thirty years, the manufacturing industry grew by an average of more than 7% per year, accounting for 16-20% of India's gross domestic product (GDP).

The report lists human capital and sustainable resources as the two major challenges facing India, and indicates that the country needs to continue to improve its relatively young and rapidly growing workforce.

The report said that as India's manufacturing industry continues to expand, India should continue to expand energy sources and reduce emissions.

In terms of production scale, India ranked ninth, with forty-eighth in terms of complexity and third in market size.

The country's lower ranking areas include women's participation in labor, trade tariffs, regulatory efficiency and sustainable resources.

Countries ranking below India include Turkey, Canada, Indonesia, New Zealand, Australia, Hongkong, Mauritius and Arabia United Arab Emirates.

The top ranked countries include Singapore, Thailand, the United Kingdom, Italy, France, Malaysia, Mexico, Romania, Israel, Holland, Denmark, Philippines and Spain.

The United States is among the best in using the fourth industrial revolution to pform production systems, followed by Singapore, Switzerland, the United Kingdom and Holland.

India ranked forty-fourth, China ranked twenty-fifth, Russia ranked forty-third.

The report was co authored with A T Kearney and called for new and innovative ways to promote public-private partnerships and accelerate pformation.

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