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A post Goods and Services Tax (GST) hike in prices of fully drawn yarn (FDY) and partially oriented yarn (POY) by 5-7 per cent has sent the synthetic textile weaving industry reeling under margin pressures. The price hike has been caused by rising raw material prices such as purified terephthalic acid (PTA) and monoethylene glycol (MEG) which have spiked on the back of rising crude prices.However, at a time when several weavers, processors and traders are yet to register under GSTN, along with lack of clarity over accumulated duty credit and reverse charge mechanism (RCM), decentralised powerlooms and textile processing units are finding it tough to sustain under rising input costs."There is still uncertainty in the industry since registration process is still going on. Weavers, processors and traders are not in the position to buy or sell. At such a time, a price hike in raw materials is having a significant impact on our input costs as well as margins," said Ashish Gujarati, ...