Govt should remove VAT on fashion industry: Assocham

The Indian fashion industry is at a budding stage and accounts for barely 0.3 per cent of international industry’s networth,which may further come down in the absence of necessary government support,Assocham Secretary General D S Rawat said.

India’s fashion industry,which is expected to cross Rs 800 crore in turnover in the next 2-3 years from the present Rs 300 crore,is fragmented and unorganised,it said.

The government support to the industry is the need of hour in the form of tax incentives as the sector finds it difficult to build a concept and implement a roadmap for setting up self-sustaining fashion hubs,Rawat said.

The chamber has come out with a roadmap for creating fashion hubs which could be implemented jointly by industry and government.