Surat: The power loom weaving industry have turned to Navsari MP C R Paatil to resolve the long pending input tax credit (
ITC) issue.
A delegation led by the Federation of Gujarat Weavers’ Association (FOGWA) met Navsari MP CR Paatil on Tuesday with representation for amendment in the notification issued by the central government on July 26, 2018, regarding the ‘lapse’ of accumulated ITC.
Paatil has assured the power loom sector leaders that the issue related to ITC credit will be resolved before Diwali. Also, he said that he was continuously pursuing the matter with the finance ministry.
The power loom weavers have been demanding that the Centre must amend clause (ii) of notification on ITC by changing the word ‘lapse’ with ‘shall not be refundable’.
FOGWA president Ashok Jirawala said, “We do not oppose the notification, but we have problem with the word ‘lapse’ of ITC credit. This means that power loom weavers will have to forgo the unutilized credit for over one year and this will be the biggest loss. We want the government to replace the word ‘lapse’ with shall not be refundable.”
