‘New GST rates to push up garment prices’
The Hindu
‘Prices may rise up to 7% from Jan. 1’
Prices of garments will climb by 7% from January 1 as the GST rates are set to increase from 5% to 12%, industry sources said.
Clothing Manufacturers Association of India (CMAI) chief mentor Rahul Mehta said the industry was not in a position to absorb the increase in rates that would take effect on January 1. “Garments will become expensive by 7% at the consumer level immediately, and [prices] may go up further in the future with the increase in other prices,” he said.
According to the South Indian Hosiery Manufacturers’ Association in Tiruppur, garments across price ranges, from basic wear to branded products, will be hit by higher GST from January 1. The direct and immediate impact would be a rise of 7% in prices, said sources in the association.
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