The Clothing Manufacturers Association of India has appointed Pricewaterhouse Cooper and Wazir Advisors to prepare the industry’s representation to Ministry of Textiles for including readymade garments in the ‘Merit List’ under Goods and Services Tax.
The readymade garment industry is expected to attract 20-24 per cent GST which is expected to be introduced from next year.
The readymade garment industry has recovered Rs. 400 crore from defaulters in the last seven months. Following widespread default by traders, the Association had recently set up a payment default committee to help its members recover about Rs. 1,500 crore from defaulters.
Rajesh Masand, Chairman, Payment Default Committee, said the panel has managed to settle 35 per cent of the payment disputes in the last seven months and plans to open a new office at Dadar in Mumbai with facility to register complaints.
“The committee is planning to launch a mobile app in six months to provide real time credentials of retailers, distributors, agents and manufacturers in the domestic garment industry,” he said speaking at the Conciliation and Arbitration Sub-Committee of CMAI meeting.