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Remove duty on garments: Knitwear Club to Indian govt
07
Feb '12
In its pre-budget recommendations submitted to the Ministry of Finance (MoF), the Ludhiana-based Knitwear Club has urged the Indian Government to rollback the excise duty imposed on readymade branded garments through Budget 2011-12.

Speaking to fibre2fashion, Mr. Vinod K Thapar, President of Knitwear Club, said, “The excise duty on garments is 10 percent, which is very high. Also, every month we have to deposit that amount in advance which turns out to be a big amount, while our payment realization begins after 60 days. So, our major investment gets blocked in the form of excise duty.”

“We have demanded that the excise duty should not be there at all,” he avers. After a pause, he adds, “Ludhiana's knitwear industry has been badly affected by this duty and it is now fighting for survival. At this juncture, growth looks like a distant dream and our industry will get destroyed if the excise duty is continued.”

Giving his opinion about the chances of rollback of excise duty, the Knitwear Club President says, “We have presented our memoranda to the MoF. We have forwarded the application through our local MP Mr. Manish Tiwari, who has taken up the matter with the MoF. We are hopeful that the excise duty would be removed from 1st April 2012. Even if the Government does not completely rollback the duty, it might, at least, reduce it to one percent.”

Fibre2fashion News Desk - India


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