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Textile industry yet to recover from GST jolt, claim traders
Surat (Gujarat), Nov 24 (ANI): Textile traders in poll-bound Gujarat said that the industry is yet to recover from the jolt of implementation of Goods and Services Tax (GST), country's biggest tax reform in 70-year history. India rolled a uniform tax that replaced more than a dozen federal and state in July. Under the new levy, tax of five percent was imposed on fabric and garment, but 18 percent was charged on synthetic fibre and yarn. Traders said the new tax nearly halved the production of cloth in the city. The traders also said they have been urging the government to reconsider the rates, but to no avail.