Home / Knowledge / News / Textiles / The Budget is growth-oriented, TEXPROCIL
The Budget is growth-oriented, TEXPROCIL
17
Mar '12
The Union Budget for 2012-13 has increased the Excise duty on Cotton textiles from 4% to 6%. The Service Tax rate has also been increased from 10% to 12%. The Budget has exempted automatic shuttleless loom from basic customs duty of 5% and has allocated an amount of Rs. 2914 crores under the TUF scheme.

“The Budget is pragmatic, growth-oriented and in the right direction'', said shri Amit Ruparelia, Chairman, The Cotton Textiles Export Promotion Council (TEXPROCIL).

“The exemption of customs duty on automatic shuttleless looms will certainly give a boost to the modernization efforts of the textile industry in the weaving sector and will help India emerge as a vibrant hub for fabric production in South Asia”, according to the Chairman, TEXPROCIL.

The setting up of a powerloom mega cluster in Ichalkaranji and two more handloom clusters in Andhra Pradesh and Jharkhand each and the announcement of Rs.500 crore pilot project for the promotion and application of Geo textiles in the North Eastern region are all positive steps according to the Chairman, TEXPROCIL.

However, the increase in the Excise duty & Service Tax rate will increase cost for the exporters, pointed out Shri Ruparelia. He urged the Government to suitably increase the Duty Drawback rates to reflect the higher incidence of excise duty and Service tax so that exports of textiles remain competitive.

Since its inception in 1954 as an autonomous, non-profit export promotion body, TEXPROCIL has become the international face of Indian Cotton Textiles successfully facilitating exports. For the foreign buyer, it has opened the entire range of Indian cotton yarns, fabrics and made-ups and has become the one-stop source for it. While for the discerning Indian seller it has brought within reach the opportunities afforded by the global market.

The Cotton Textiles Export Promotion Council (TEXPROCIL)

Must ReadView All

Courtesy: H&M

Apparel/Garments | On 30th Mar 2017

H&M group's sales increase 7% in 3 months to Feb '17

The H&M group's sales including VAT amounted to SEK 54,369 million...

Textiles | On 30th Mar 2017

Vietnam’s textile & garment exports earn $4bn in Jan-Feb

Vietnam earned $4 billion from textile and garment exports in the...

Textiles | On 30th Mar 2017

India Inc should work for July 1 GST roll out: Fin sec

The Goods and Services Tax (GST) will take India into a very exciting ...

Interviews View All

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Wendell Rodricks
Wendell Rodricks

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

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
March 2017

March 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