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VAT cut fails to cheer Gurgaon textile units

November, 22nd 2013
The reduction in Value Added Tax from 12.5% to 5% on textile products and garments has not been able to have its desired impact amid local garment manufacturers. Even though the Gurgaon-based traders welcomed the move, they said merely reducing the duty will not make their units competitive. "Reduction of VAT, or any tax for that matter, will help in reducing the overall input costs," said Praveen Yadav, president of the Gurgaon Udyog Association. "However, this lone step may not catal ..