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

Textiles | On 25th Sep 2017

SVP Group to build $300 mn spinning plant in Sohar

ShriVallabh Pittie Industries (SVP) Group, a diversified yarn...

Apparel/Garments | On 25th Sep 2017

Vietnam textile sector to gain if EU FTA gets ratified

Experts feel the Vietnam-European Union (EU) free trade agreement...

Courtesy: Business Wire

Textiles | On 25th Sep 2017

Invista to use ADN technology at joint project in France

Invista, a leading producer of chemical intermediates, polymers, and...

Interviews View All

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

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

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

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

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

September 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search