Home / Knowledge / News / Apparel/Garments / TEA President welcomes Union Budget 2012-13
TEA President welcomes Union Budget 2012-13
16
Mar '12
Hon'ble Union Minister of Finance Shri. Pranab Mukherjee presented Union Budget 2012-13 in Parliament.

While giving reactions to the Budget, Dr. A. Sakthivel, President of Tirupur Exporters' Association (TEA) said he welcomed the introduction of GST from August 2012 and allocation of Rs.1000 crores for Skill Development under National Skill Development Fund in 2012-13. He also welcomed the setting up of Rs.5,000 crore India Opportunities Venture Fund with SIDBI for Micro Small and Medium Enterprises (MSME).

Dr. A. Sakthivel welcomed the continuance of the existing concessional rate of basic customs duty of 5 per cent to specified new textile machinery.

However, Dr. A. Sakthivel concerned about only a small reduction made in the payment of excise duty on branded garments where, the duty charged would be at 30% of the retail sale price against the existing 45% and noted that the industry had actually requested for full excise duty exemptions from payment of duty on branded garments. Dr. A. Sakthivel also pointed out that the excise duty has been enhanced to 12% on readymade garments bearing a brand name or sold under a brand name.

Dr. A. Sakthivel also mentioned that as the service tax has been increased to 12% and included more services in the budget, he appealed to the Finance Ministry to increase the refunding the Service Tax given to knitwear exporting units from existing 0.15% to 1.5% of the total FOB value of exports through the customs EDI system, which is required to offset the increase in service tax rate.

On the continuance of Technology Upgradation Fund (TUF) scheme, Dr. A. Sakthivel hoped that the announcement would be made in the 12th Five-year plan.

Tirupur Exporters' Association (TEA)

Must ReadView All

Courtesy: CLO Virtual Fashion

Information Technology | On 9th Dec 2016

CLO expands 3D simulation technology in Europe

CLO Virtual Fashion, developers of 3D garment visualisation...

Courtesy: India ITME

Textiles | On 8th Dec 2016

Industry needs to create 1cr jobs in 3yrs: Kavita Gupta

Sharing several initiatives laid out by the government in R&D,...

Textiles | On 8th Dec 2016

Package will boost made-ups sector: SIMA

The reforms package approved by the Union Cabinet to boost employment ...

Interviews View All

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Nuno Venda
ROQ

‘There has been an increase in demand for water based inks, rather than...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Kevin Nelson
TissueGen

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

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

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
December 2016

December 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search