Welcome to Fibre2fashion.com    
fibre2fashion
Pilbloc
Textile   |   Apparel   |    Fashion   |   Technology   |   Technical Textiles    |   Corporate   |   Associations Android app on Google Play
 
Home >> News
 

Textile sector in Punjab confused over tax on yarn

September 29, 2011 (India)

Textile industries in Punjab are confused over tax on yarn after the State’s Department of Excise and Taxation renamed the ‘entry tax’ as ‘advanced VAT’.

Several goods in Punjab attracted an entry tax of 4-5 percent, but yarn was exempted from it as the High Court had granted a stay on a petition filed by the Knitwear Club.

However, with the change in name, experts say advanced VAT would be applicable on yarn.

The Ludhiana-based Knitwear Club has written to the State Chief Minister to immediately remove the advanced VAT on yarn.

Fibre2fashion News Desk - India
More Textiles News - India...

 
Email this
Story
Print this
Story
Letter to
Editor
Sign Up for
News Letter
Search
Companies
 
 
  RSS