Interviews
Tax benefits likely for textile, leather sectors in Budget-2007
09 Feb '07
1 min read
Sectors that generate employment, like leather, footwear, textiles and clothing and sports goods will be pleasantly surprised with Budget 2007 as it is likely to announce reduction in customs duty on machinery imports and tax exemptions on reinvested profits.
Finance Ministry is considering 50 percent tax deduction on profits that are reinvested by these sectors, official sources said.
Customs duty on machinery for leather and textiles is more or less certain to be brought down to 5 percent but for other identified sectors it is pending.
Sectors likely to be include in favoured list for duty cuts are leather, footwear, textiles & clothing and sports goods with sectors such as handicrafts and gems & jewellery under consideration.
Foreign trade policy announced earlier this year for exporter's of leather, handicrafts, handloom, and sports goods were promised a transferable duty credit scrip equivalent to 2.5 percent of 50 percent of total fob value under focus product scheme.
GET LATEST UPDATE ON UNION BUDGET 2007-2008
Finance Ministry is considering 50 percent tax deduction on profits that are reinvested by these sectors, official sources said.
Customs duty on machinery for leather and textiles is more or less certain to be brought down to 5 percent but for other identified sectors it is pending.
Sectors likely to be include in favoured list for duty cuts are leather, footwear, textiles & clothing and sports goods with sectors such as handicrafts and gems & jewellery under consideration.
Foreign trade policy announced earlier this year for exporter's of leather, handicrafts, handloom, and sports goods were promised a transferable duty credit scrip equivalent to 2.5 percent of 50 percent of total fob value under focus product scheme.
GET LATEST UPDATE ON UNION BUDGET 2007-2008
Popular News
Leave your Comments
Editor’s Pick
Esteemed Clients
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
