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regarding TRADING OF TEXTILE
sir a company who is working 'trading of textile'.he claim that 'trading of textile' not came under service tax as well as excise duty.and company situated In gujarat and in gujarat VAT has not applied after 2003 court decisions.so GST IS applied in 'trading of textile' or not??if applied then please provide notification.thank you
Replies (5)
under GST act goods include everything including textile goods however you need to see the exemption notification about textile .if it is exempted then you are not liable to pay tax and do any kind of act for GST
Trading of textile will come under GST will be taxed as goods and not service
In earlier regime, there was relaxation to Textile Industry as they were exempt from payment of excise duty however under GST textile articles are also brought under the GST bracket by levying the prescribed rate of GST on certain products.
Therefore your client requires getting register under GST as trading in textiles will become taxable supplies.
@ rakesh ..sir please provide notification.
how long time will be carry forward our ITC related textile Chapter 50 to 55 and 60....
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