Textile Traders’ Perception Towards GST – A Review Article with Reference to Tirupur City
Abstract
With the intention of streamlining indirect taxation and fostering economic expansion, India’s introduction of the Goods and Services Tax (GST) was a significant change to the nation’s tax system. The GST made India’s indirect tax structure more uniform by eliminating the cascading effect. Sales tax, value added tax (VAT), excise duty, service tax, and other indirect taxes levied on textile goods were all absorbed by the GST. The textile sector is the largest contributor to India’s GDP, accounting for a significant portion of the nation’s industrial output and export earnings. The industry supports inclusive growth and rural development, particularly in areas with a significant textile presence, and employs millions of people, many of whom are women. The introduction of GST has impacted on traders, who must pay taxes on every item they purchase. This paper aims to study the traders’ perception of GST in the textile industry, especially in the city of Tirupur. But over time, the GST regime has also been acknowledged for increasing transparency and simplifying the tax procedure, which could eventually help the sector. This essay seeks to offer a thorough examination of different viewpoints, examining the benefits and difficulties that the GST has brought to Tirupur’s textile traders. The study aims to provide insights into how well GST accomplishes its stated goals in this crucial industry by looking at elements including compliance costs, working capital needs, and general business attitude.
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