Home / Knowledge / News / Textiles / SIMA presents Pre-budget Memorandum suggestions
SIMA presents Pre-budget Memorandum suggestions
14
Feb '08
Dr K Selvaraju, Secretary General, Southern India Mills Association (SIMA), has submitted the suggestions for pre-Budget Memorandum 2008-09. This has been developed after receiving demands and requests from the member mills.

According to the Secretary General, this can be incorporated while CITI submits the pre-Budget Memorandum (Central Budget) to the Ministry of Finance.

Excise duty:

• Grant exemption from central excise duty levied on 40 textile machinery which were withdrawn during the last budget vide Notification No.6/2007-CE dated 1.3.2007.

• Exempt furnace oil from central excise duty and all other levies to enable the textile mills having furnace oil based captive power plant to operate the plant and help the E.Bs to meet their shortage.

• Extend the period of the validity of letter of undertaking / bond submitted for export of yarn without payment of duty from the present one year to a general permission for at least five years.

• Reduce excise duty on textile machinery and its spare parts from 16% to 8%.
Customs Duty

• Reduce the import duty on all man-made fibres (including viscose) to 4% and provide exemption route simultaneously.

• Reduce import duty on cotton from 10% to 5% and exempt cotton from Special CVD of 4% on par with wool.

• Reduce customs duty on textile machinery and its spare parts both for textile machinery manufacturers and mills from 7.5% to 5%.

Service Tax


Must ReadView All

UK GDP growth to stay steady but subdued: CBI

Textiles | On 8th Dec 2017

UK GDP growth to stay steady but subdued: CBI

The gross domestic product (GDP) in the United Kingdom (UK) will grow ...

Amazon launches operations in Australia

Apparel/Garments | On 8th Dec 2017

Amazon launches operations in Australia

US online retail giant Amazon recently unveiled its business in...

Courtesy: G-III Apparel

Apparel/Garments | On 8th Dec 2017

Q3 FY18 G-III Apparel sales up 16% to $1.02 billion

For the third quarter of fiscal 2018, net sales of G-III Apparel...

Interviews View All

Marazban F Velati
Sutlej Textiles & Industries limited

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

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Steve Cole
Xerium Technologies

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

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

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

December 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
69.2%
No
12.1%
Skip
18.7%

Total Votes: 91

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
61.5%
No
30.8%
Skip
7.7%

Total Votes: 91

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
86.8%
No
9.9%
Skip
3.3%

Total Votes: 91

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
81.3%
No
8.8%
Skip
9.9%

Total Votes: 91


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