Home / Knowledge / News / Apparel/Garments / Comments of GEA President on the Budget
Comments of GEA President on the Budget
02
Mar '11
Expressing disappointment for lack of any special provision for the garment sector in budget proposals for 2011-12, Mr.Rakesh Vaid, President, Garments Exporters Association regretted that the Budget has proposed to convert the optional levy into a mandatory levy at a unified rate of 10 per cent for readymade garments and made-ups of textiles which were earlier under an optional excise duty regime, which would adversely affect the garment sector of the textile industry. Although, CENVAT credit of inputs and services would be available the garment factories will now have to register themselves with central excise, increasing the transaction and administrative costs. It would also lead to unnecessary harassment and delays in handling time bound export shipments, said Mr Vaid.

Although, the Finance Minister has dexterously handled the tedious task of striking a balance between the needs of development and social and political compulsions of the UPA Government and the present economic situation, the exporting community feels being left in the lurch without an adequate fiscal relief in the Budget proposals. While giving emphasis on agriculture, social sector, education, skill development, health and infrastructure, the industry and trade, unfortunately, have been neglected.

Mr Vaid pointed out that GEA Pre-Budget recommendations requesting the Government to grant necessary fiscal and commercial relief to garment sector of the Textile Industry has not received favourable response in the Budget proposals announced by the Union Finance Minister. Garment Exporters were infact expecting major policy initiative and adequate fiscal relief to enable them to overcome the present crisis being faced by them. The Budget proposals are therefore, very much short of exporting community expectations.

However, Mr Vaid has welcomed the proposals to reduce the basic customs duty on certain textile intermediates and inputs and specified inputs for manufacture of certain technical fibre and yarn.

Mr Vaid has also welcomed the proposal to introduce scheme for refund of taxes paid on services used for export of goods and new initiatives to reduce the transaction time and costs for exporters as recommended by the Task Force on Transaction cost in Exports.

Garments Exporters Association

Must ReadView All

Courtesy: American Apparel

Apparel/Garments | On 25th Feb 2017

Gildan to make some American Apparel products outside US

Gildan Activewear, which recently acquired US fashion brand American...

Courtesy: Kolon Sport

Apparel/Garments | On 25th Feb 2017

Kolon Sport to set up JV with ANTA for Chinese market

Kolon Sport, an outdoor gear and clothing brand of Korea based Kolon...

Designer Karishma Jumani with Niraj Jawanjal, founder and director of IIFW. Courtesy: IIFW

Textiles | On 25th Feb 2017

IIFW to bring together premium lingerie brands

India Intimate fashion Week (IIFW), dedicated to showcasing the...

Interviews View All

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

Shiladitya K Joshi
Truetzschler India Private Limited

India ITME provides a platform to interact with our stakeholders

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

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....

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Sonam & Paras Modi
SVA

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

Pranav Mishra
Huemn

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

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
February 2017

February 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