Tag: clothes

India’s festive sale season starts with Aadi offers in one of the biggest states

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Tamil Nadu’s annual Aadi sale has started picking up as the auspicious month of Aadi Masam, the first month of the year as per Tamil Calendar, begins today. People are shopping at textile stores and other outlets, thanks to the heavy discounts offered by retail outlets of top brands.

Aadi Masam, or Aadi, is considered to be an auspicious month in Tamil Nadu as the Dakshinayana Punyakalam, the Southward journey of the sun, begins this month.

Here’s a look at the best offers and discounts from the top sellers on this Aadi Masam.

Malabar Gold

Leading jewellery maker Malabar Gold is offering exciting offers and gifts. During the Aadi Masam, all customers will get a free silver coin gift with every purchase they make.

Further, Malabar Gold is also offering wastage charges starting at just 3.9 percent. The offers are valid till August 17.

Chennai Silk

Chennai Silk is offering up to 50 percent discount on fancy sarees, silk clothing, kids’ clothing, men’s clothing, casuals and more. Buyers can get 5 percent, 10 percent, 15 percent, 25 percent and even up to 50 percent off on hundreds of items.

James & Co

Leading electronics retailer in Tamil Nadu, James & Co is offering up to 50 percent off on appliances, including television sets, refrigerators, ACs, washing machines and more. Additionally, buyers will get a free Boat smartwatch on the purchase of any mobile phone, free Boat ear pods on the purchase of any laptop, a free vacuum cleaner on the purchase of AC, and a free soundbar on the purchase of any UHD TV.

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GRT Jewellers

GRT Jewellers, a leading gold and silver Jewellery brand, is offering gifts to customers for each and every purchase they make during the Aadi Masam. Further, the jewellery maker is offering Rs 50 extra per gram of old gold for customers who are exchanging their jewellery.

Also, on online purchases of jewellery, GRT Jewellers is offering 20 percent off on VA of Gold Jewellery, 20 percent off on diamond value and 15 percent off on MRP of silver jewellery.

Pothys

The leading textile retailer, Pothys is offering heavy discounts of 5 to 50 percent on all in-store products.

On online shopping from the official website,  customers can get up to 20 percent off on all products.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Clothes, footwear likely to cost more from January; here’s why

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Clothes and footwear are expected to become costlier from January 1, 2022, as the current goods and service tax (GST) rate of 5 percent could be revised to 12 percent in order to correct the existing inverted duty structure, people aware of the matter told Mint.

At present, garments costing up to Rs 1,000 attract 5 percent GST, while 12 percent tax is levied on garments of higher value. Similarly, GST on footwear is priced at Rs 1,000 or less is 5 percent, while the others attract an 18 percent rate.

At present, the textile sector is suffering from severe duty inversion across the value chain that ranges between 5-18 percent. While cotton and natural fibre, as well as yarn, attract a 5 percent GST, tax on man-made fibre stands at 18 percent and on man-made yarn at 12 percent. Fabric attracts only 5 percent GST, but there’s a dual tax of 5 percent for products up to Rs 1,000 and 12 percent for the rest.

In the footwear segment, too, soles, chemicals, consumables, components, services, and capital goods attract 18 percent GST; technical textiles, which are used in the manufacturing of footwear, come under 12 percent tax rate while leather attracts 5 percent. Almost 70 percent of the cost of the footwear comes from these inputs, and a 5 percent tax on end products priced up to Rs 1,000 creates inversion.

The GST Council on September 1 announced its decision to rectify the duty inversion on textiles and footwear value chain from January 1, 2022. The council, however, did not say anything about the tax rates.

A higher duty on raw materials, as compared to the final products, leads to an inverted tax structure, making it challenging for the manufacturer to claim the input tax credit (ITC), and the burden being ultimately passed on to the customers.

Under the ITC system, a GST-registered business is allowed to claim levies already paid on input to manufacture a product or supply a service before making a final sale to prevent the cascading of taxes and to lower the tax burden, the Mint report said.

As of now, a 12 percent GST rate is under consideration for the bulk of products in textiles and footwear segments that will effectively rectify the duty inversions and allow manufacturers to claim the full ITC.

The GST council is expected to continue the dual rate structure — which will be 12 percent for the bulk of apparel and footwear meant for the masses, and 18 percent for the higher value products, especially on footwear, for social equity.

The person quoted in the report said: “A uniform 12 percent tax is likely to be levied on all garments, but there could be a possibility of two slabs for footwear, 12 percent for items of mass consumption of up Rs 1,000 and 18 percent for the rest.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow