Web Exclusive | March 2017
Saree out of excise duty ambit
Textile traders in the country’s largest man-made fabric (MMF) wholesale market in Surat are upbeat following the decision of the Central Board of Excise and Customs (CBEC) to keep saree out of the ambit of made-ups, which attract 2 per cent excise duty on retail price above Rs 1,000.
In the Union Budget 2016, Finance Minister Arun Jaitely had imposed excise duty of 2 per cent on ready-made garments and made-up articles of textiles falling under chapters 61,62 and 63 of the Central Excise Tariff Act (CETA), 1985. Textile traders were upset following the decision taken by the Central Government to levy excise duty on articles of textiles, including ready-made garments and made-ups above Rs 1,000.