GST hike on apparel could shut MSMEs, lead to 100,000 job losses: CMAI

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GST hike on apparel could shut MSMEs, lead to 100,000 job losses: CMAI - Business Standard

Quick Summary:

He further said, “If implemented, it could lead to closures of MSMEs in our sector, further destabilising an industry that plays a vital role in employment and economic growth.

While we acknowledge the government’s commendable step of raising the 5 per cent GST threshold from Rs 1,000 to Rs 1,500, benefiting the weaker segments, the middle class, which forms a significant portion of the consumer base, remains disproportionately impacted by these hikes.

It further said that the textile industry, already under pressure, may lose up to 100,000 jobs, with small and medium-sized enterprises (SMEs) in spinning, weaving, and garment manufacturing — operating on thin profit margins — facing income losses and squeezed profitability.