ENA Sectors 2024-01-05 14:35:56 <p><span style="font-size:14px"><strong>New Delhi, Jan 5 (KNN)</strong> Commerce and Textiles Minister Piyush Goyal announced on Thursday that a showroom and several warehouses for Indian products will be established in the United Arab Emirates (UAE).</span></p> <p><span style="font-size:14px">The proposed 'Bharat Park' aims to enable countries worldwide to purchase Indian goods.</span></p> <p><span style="font-size:14px">He also announced that the Bureau of Indian Standards (BIS) is allocating Rs 40 crores to establish 21 testing laboratories across the country.</span></p> <p><span style="font-size:14px">Expressing concerns about Free Trade Agreements (FTAs) with Japan, Australia, UAE, and South Korea, Singh highlighted the low utilisation of benefits in India.</span></p> <p><span style="font-size:14px">Minister Goyal shared this information during an event organised by the Synthetic and Rayon Textiles Export Promotion Council (SRTEPC).</span></p> <p><span style="font-size:14px">According to a statement from SRTEPC, the manmade fibre textiles sector is grappling with issues related to an inverted duty structure under the Goods and Services Tax (GST) regime.</span></p> <p><span style="font-size:14px">The statement highlighted that there is an 18 per cent GST on fibres, 12 per cent on yarns, and 5 per cent on fabrics, resulting in accumulated input tax credits for manufacturers and consequently increasing their costs.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 36159 https://knnindia.co.in/news/newsdetails/sectors/bharat-park-showroom-in-uae-to-21-testing-labs-slew-of-measures-announced-for-textiles 2024-01-05 14:35:56 knnindia.co.in