Fashion retail, one of the worst COVID-19 hit sectors, is beginning to breathe again on the back of rising vaccination and normalisation of economic activities and may close the year with 23-25 cent revenue growth if there is no third wave TO READ MORE: https://retail.economictimes.indiatimes.com/news/apparel-fashion/fashion-retailing-may-recover-up-to-80-of-pre-pandemic-sales-this-fiscal-report/86558202
Garments and footwear may become costlier from January as plans are afoot to raise goods and services tax (GST) on these products from 5% to 12% to correct the existing inverted duty structure, two people aware of the development said. TO READ MORE: https://www.livemint.com/news/india/clothesfootwear-may-get-costlier-from-next-january-11632946695624.html
India’s fashion retail industry will be among the biggest beneficiaries of the easing of Covid restrictions and may post up to 25% year-on-year growth in revenue, according to ratings agency ICRA. TO READ MORE: https://capital.com/icra-sees-indian-fashion-retail-sales
Rahul Mehta, Chief Mentor, CMAI, has urged the Central and State Governments and GST Council to review their decision and find alternate solutions to address the Inverted Duty Structure problem. CMAI has in the past recommended a flat 5 per cent GST across the entire value chain – which will resolve the Inverted Duty Structure,...
Latest News CMAI Capsule for September 2021 FINAL REMINDER FOR RENEWAL OF MEMBERSHIP WITH THE ASSOCIATION The Association has sent the Second Reminder dated September 1, 2021 to those Members who have not yet Renewed their Subscription for the Financial Year 2020-21 informing such Members that if the Renewal of Membership is not received by...
Cotton futures contract reached a 7.5-year high in August as falling global supply gave a boost to demand from China. A report by execution-only service provider Capital.com says, the benchmark intercontinental exchange (ICE) cotton contract for October delivery hit 96.27 cents a pound (lb) on August 27. Although prices have fallen since, they stabilized around...
Value fashion retailers such as V-Mart Retail, Cantabil Retail are expecting a bumper festive season, which could even see sales surpass the pre-COVID levels, top executives of the companies told Moneycontrol. TO READ MORE: https://www.moneycontrol.com/news/business/companies/value-fashion-retailers-hopeful-of-surpassing-pre-covid-sales-during-festive-season-7488281.html
New Delhi: Consumer Affairs Minister Piyush Goyal on Wednesday said “strong feedback” will help in preparing a robust e-commerce policy even as he termed reports of differences within the government on the proposed policy as efforts to “sensationalise any feedback”. TO READ MORE: https://retail.economictimes.indiatimes.com/news/industry/draft-e-commerce-rules-goyal-says-strong-feedback-will-help-prepare-robust-policy/86445154
The Goods and Services Council has decided to fix the inverted duty charges on readymade clothes from January 1 in 2022. The fix in the duty can increase the prices of readymade apparel from January 1 onwards. TO READ MORE: https://english.jagran.com/business/readymade-garments-to-get-more-expensive-from-january-1-heres-what-we-know-details-10032447
The GST Council, with a view to address the issue of inverted duty structure in the textile industry, has decided to change the GST rates applicable on fabrics and garments with effect from 1st January. TO READ MORE: CMAI Recommends Flat 5% GST Across Value Chain
