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Textile sector in Punjab confused over tax on yarn
29 Sep '11
1 min read
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.
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
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