Home / Knowledge / News / Apparel/Garments / LS passes bill providing tax incentives for garment sector
LS passes bill providing tax incentives for garment sector
10
Aug '16
The Lok Sabha has passed the Taxation Laws (Amendment) Bill, 2016, which provides tax incentives to the garment sector.
 
The bill eases the condition for availing tax incentives (for the garment sector) under Section 80JJAA of the Income Tax Act, 1961.
 
“In view of the seasonal nature of the business of the manufacturing of apparel, there is need to reduce the period of employment of an employee who is employed in this business from 240 days to 150 days,” said the state of objects and reasons of the Bill.
 
The bill was passed by voice vote after a short debate. Finance minister Arun Jaitley said the incentive is aimed at making Indian “apparel industry competitive, so that they are able to make the cost advantage. I am sure that with these incentives, the industry would be able to contribute a large number of jobs.”
 
The bill also seeks to expand the definition of 'demerger' with a view to facilitate the splitting or reconstruction of erstwhile public sector companies. (RKS)
 

Fibre2Fashion News Desk – India

Must ReadView All

Textiles | On 20th Jan 2017

TEA expects budget to upscale textile skill industry

The Tiruppur Exporters’ Association (TEA) has requested the Central...

Textiles | On 20th Jan 2017

Bangladesh could earn $60 billion in exports by 2021

Bangladesh is expected to earn over $60 billion in exports by the...

Courtesy: PIB

Textiles | On 20th Jan 2017

Govt to help Tangaliya weavers purchase looms: Irani

Government of India will facilitate Tangaliya weavers in purchase of...

Interviews View All

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search