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Textile industry welcomed the fixing of reasonable rates under the Goods and Services Tax (GST) regime on most of the items and also thanked the Finance Minister Arun Jaitley for quick conclusions on the subject. Commenting on the GST rates, A Shaktivel, Regional Chairman, Federation of Indian Exporters' Organisation (FIEO)'s Southern Region, said that the lower rates under GST across the products that have high potential of exports will go a long way in encouraging 'Make in India'.

July 1, 2018 marks the first anniversary of the launch of the most anticipated tax reform in India. Often termed as 'India's new tryst with destiny', the Goods and services tax ("GST") was introduced amid varied expectations and apprehensions. While tax compliance seems to have streamlined mostly for large entities, however most medium and small entities are yet to survive the challenges posed by the new taxation regime.