New Delhi, Aug 5 (KNN) With one month into the Goods and Services tax (GST), the footwear sector have been demanding lowering the tax rate on the products, responding to which Minister of State for Finance, Santosh Gangwar assured that the representation is being taken at the GST council.
Gangwar made these remarks during the press meet at India international Footwear Fair 2017 in New Delhi.
At present the footwear industry is being taxed under two different slabs.
For the footwear that is price below 500, it is taxed under 5 per cent tax slab. Whereas footwear with price more than 1000 rupee attracts 18 per cent GST.
Highlighting the potential of the sector, Minister of State for Finance Santosh Gangwar observed that the footwear industry in the country has the potential to become the largest producer in the world over next three years.
Citing the government’s schemes and policies for the sector, Gangwar added that the centre is keen to provide all the assistance to the sector to push growth. He informed that the government has recognized footwear as a priority sector.
The Minister also stressed on the need to facilitate quality in the sector in order to compete in the international market. (KNN/ DA)