For what was once a bustling trade centre and one of India's biggest textile hubs, it's hard to believe Surat's textile markets now bear a deserted look. Traders say it is because of the devastating effect of the Goods and Services Tax or GST coupled with a low business Diwali which resulted in an extended break. Sanjay Jagnani, who heads a traders' body, says from business worth around Rs. 400 crore daily it's down to 150-200 crores a day. "We are willing to pay 100% tax, double tax, but we appeal to the government to free us from this web of filing returns every two days," Mr Jagnani, the President of the Vyapar Pragati Sangh told NDTV.
................................ Advertisement ................................
The increase in production is to cater to the increased demand because of the festive season and revised GST rates.
The development coincides with the surge in sales fuelled by revised GST rates and festive demands.
India's consumer economy has achieved its highest Navratri sales in over a decade, a surge attributed to the Modi government's NextGen GST reforms, which reduced tax rates and increased product accessibility.
The Yamaha R3 and the MT-03 have received a price cut of Rs 20,000 following the revision in GST rates.
The sales of Suzuki Motorcycle India were supplemented by reduced GST rates and increased demand because of the festive season.
Opinion: GST Cut, Inflation Under Control: Optimism As Festival Season ApproachesBharti Mishra Nath
Friday September 19, 2025Away from politics, floods, rain-related tragedies and the Trump tariffs, there is optimism in the air. With GST rationalized, inflation in control, the upcoming festival season promises good times.
Opinion | Next-Generation GST: A Reform That Places The Middle Class At The CentrePradeep Bhandari
Saturday September 06, 2025By ensuring both direct tax relief and rationalised indirect taxes, the government has empowered the common citizen to save more, spend more, and aspire more.
Opinion | Observations From A Student of Political Communication - By Derek O'BrienDerek O’Brien
Friday September 05, 2025For a student of political communication, this week has been fodder. The language used to describe GST reforms has been nothing short of grand. "Landmark". "Biggest ever since the 1990s". The Opposition has been advocating for such 'reforms' for eigh
Opinion | GST 2.0: PM Modi's Diwali Gift to Bharat - By Shehzad PoonawallaShehzad Poonawalla
Thursday September 04, 2025Viewing GST 2.0 as a mere well-timed political move would be incorrect. GST 2.0 reflects the Modi government's appetite to stitch good economics with good politics.
................................ Advertisement ................................