Advertise Here [468 W x 60 H pixels]
Web Exclusive | July 2014

Budget Expectations of Textile Industry

For synthetics industry:
  • Reduction in excise duty on man-made staple fibres of Chapter 55 and filament yarns of Chapter 54.
  • Interest rates to be capped at 7% for exporters.
  • Expansion of interest subvention scheme to the entire MMF textiles sector.
  • Best FTA treatment to SEZ units.
  • Special Additional Duty (SAD) on MMF. 4% SAD on all man-made fibres should be abolished.
  • Central excise registration for merchant exporters.
  • Reduction in the rate of service tax. Service tax rate has been increased to 12.36%, which is too high.
  • To reduce power costs because, in Western India, power costs have gone up substantially.
  • The infrastructure at ports has to be improved to take care of growing export volume. Logistic part has to be addressed.
  • The Marketing Assistance available under the MDA/MAI scheme to the Councils to be enhanced further.
  • Integrated textile policy is the need of the hour.
  • Liquidate CENVAT balances, since the MMF textile processing industry has accumulated CENVAT balances, because of an inverted duty structure.
  • Other than timely disbursement of Technology Upgradation Fund Scheme (TUFs) payment, promotional schemes like focus markets to reach out to untapped overseas countries are a MUST
  • Streamline scattered textile production chain.
  • Reduce basic custom duty on PTA, MEG, PSF, POY and also textile machinery and SAD on all of these to be lowered from 4% to 0%.
For cotton industry:
  • Integrated textile policy is the need of the hour.
  • The government should review the draft recommendations of the Ajay Shankar committee.
  • Create a level-playing field for all the sectors in the global environment.
  • The new policy should be in line with the present era of development, should not be sectoral, but quite comprehensive.
  • Issues related to TUFS will have to be addressed immediately.
  • The government should also launch the much-awaited National Fibre Policy.
  • Restrict cotton export and allow duty-free import of cotton.
  • Do not allow cotton yarn export, except counts of 60s & above.
  • Stop duty drawback facility on cotton yarn export.
For garments industry:
  • Continue excise duty exemption on branded garments.
  • The government should consider the definition of a “Brand” under excise laws.
  • Excise will be levied on all garments and not only on the high-end brands.
Post your comment
Name:  
Email:    
Comments:  
Verification Code:   Change Image


 
Advertise Here [728 W x 90 H pixels]
AB Carter India Pvt Ltd      Angel Mechtronik      Arvind Rub-Web Controls Ltd      Associated Autotex Ancillaries Pvt Ltd      ATE Enterprises Pvt Ltd      B & R Industrial Automation Pvt Ltd      Basant Mechanical Works      Batliboi Ltd      Best Power Equipments India Pvt Ltd      Bharat Beams Pvt Ltd      Bhatt Bros      Condair      Elgi Electric and Industries Ltd      Embee Corporation      Eppinger Tooling Asia Pvt Ltd      Excel Traders      Gandhi Automations Pvt Ltd      Ion Exchange India Ltd      ITEMA WEAVING (INDIA) PVT LTD      Jogindra Industries Pvt Ltd      K.U. Sodalamuthu and Co. Pvt Ltd      Konica Electronics Enterprise      Kusters Calico Machinery Pvt Ltd      Labelmach      Lakshmi Machine works Ltd      Leuze Electronic Pvt Ltd      Loepfe Brothers Ltd (Masterline)      M-Tex Enterprises      Mayur Reeds And Healds Pvt Ltd      Nestling Technologies      Peass Industrial Engineers Pvt Ltd      Phoenix Textile Engineering Pvt Ltd      Prashant West Point Machinery Pvt. Ltd      Premier Evolvics Pvt Ltd      RENMAKCH India Pvt. Ltd      Rieter India Pvt Ltd (Suessen)      Rieter India Pvt. Ltd      Rossari Biotech Ltd      Savio Texcone Pvt Ltd      SB Dye Springs India Pvt Ltd      Schoch Reeds India      South Gujarat Chamber of Commerce & Industry      SRE Corporation      SSM Scharer Schweiter Mettler Ag (Rieter)      Stovec Industries Ltd      Sunrise Industries      Swiss Ribbons Pvt Ltd      Thies GmbH and Co.      Thymas Electronics Pvt Ltd      Truetzschler India Pvt Ltd      Uster Technologies AG      Vetal Hitech Machines Pvt. Ltd      Weavetech Engineering Pvt Ltd      AB Carter India Pvt Ltd      Angel Mechtronik      Arvind Rub-Web Controls Ltd      Associated Autotex Ancillaries Pvt Ltd      ATE Enterprises Pvt Ltd      B & R Industrial Automation Pvt Ltd      Basant Mechanical Works      Batliboi Ltd      Best Power Equipments India Pvt Ltd      Bharat Beams Pvt Ltd      Bhatt Bros      Condair      Elgi Electric and Industries Ltd      Embee Corporation      Eppinger Tooling Asia Pvt Ltd      Excel Traders      Gandhi Automations Pvt Ltd      Ion Exchange India Ltd      ITEMA WEAVING (INDIA) PVT LTD      Jogindra Industries Pvt Ltd      K.U. Sodalamuthu and Co. Pvt Ltd      Konica Electronics Enterprise      Kusters Calico Machinery Pvt Ltd      Labelmach      Lakshmi Machine works Ltd      Leuze Electronic Pvt Ltd      Loepfe Brothers Ltd (Masterline)      M-Tex Enterprises      Mayur Reeds And Healds Pvt Ltd      Nestling Technologies      Peass Industrial Engineers Pvt Ltd      Phoenix Textile Engineering Pvt Ltd      Prashant West Point Machinery Pvt. Ltd      Premier Evolvics Pvt Ltd      RENMAKCH India Pvt. Ltd      Rieter India Pvt Ltd (Suessen)      Rieter India Pvt. Ltd      Rossari Biotech Ltd      Savio Texcone Pvt Ltd      SB Dye Springs India Pvt Ltd      Schoch Reeds India      South Gujarat Chamber of Commerce & Industry      SRE Corporation      SSM Scharer Schweiter Mettler Ag (Rieter)      Stovec Industries Ltd      Sunrise Industries      Swiss Ribbons Pvt Ltd      Thies GmbH and Co.      Thymas Electronics Pvt Ltd      Truetzschler India Pvt Ltd      Uster Technologies AG      Vetal Hitech Machines Pvt. Ltd      Weavetech Engineering Pvt Ltd