Enquire Now

Cut in GST rate on footwear to promote growth, exports: CLE Chairman to govt

Cut in GST rate on footwear to promote growth, exports: CLE Chairman to govt

Leather exporters in the country have urged the finance ministry to reduce the rate of goods and services tax (GST) on footwear with a view to promote growth of the industry and push exports.

Council for Leather Exports (CLE) Chairman P R Aqeel Ahmed raised this issue at a pre-Budget meeting chaired by Finance Minister Nirmala Sitharaman here on June 11.

He said that the domestic footwear sector holds huge potential to create jobs and earn foreign exchange.

"Reduction of GST on footwear would help promote growth of domestic footwear industry," he said in a statement.

The council has sought reduction of GST rate to 12 per on footwear priced above Rs 1,000.

GST rate on footwear worth up to Rs 1,000 was reduced to five percent, while those above this value still attract a GST rate of 18 percent.

Currently, export of leather and its products stands at about USD 6 billion. Major export destinations include Europe and the US.

Last year, the commerce minister announced a Rs 2,600 crore package for the leather sector to boost exports.

The sector employs about 42 lakh people.

Source :- Moneycontrol.com

High-volume of Loyal and Trusted Customers!

We feel proud in offering export-import data information services to our respected clients.

Obtain a free import-export sample report on desired products.

We do not provide any assistance directly in selling or Buying any product.

4 + 1

Thank You

Big thanks to showing your interest in SEAIR Exim Solutions. We’ve currently received your request for data information. We will return on the same query in a short span of time.