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• Grant exemption from central excise duty levied on 40 textile machinery which were withdrawn during the last budget vide Notification No.6/2007-CE dated 1.3.2007.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

Textiles | On 27th Jun 2017

Govt defers tax deduction at source provision under GST

E-commerce players in India will not be required to deduct tax on...

Apparel/Garments | On 27th Jun 2017

Future Group aims Rs 12,000 crore in fashion business

Future Group, which runs retail stores across India under various...

Textiles | On 27th Jun 2017

AEPC & NSDL to help exporters with GST compliances

Apparel Export Promotion Council (AEPC) and National Securities...

Interviews View All

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Marten Alkhagen
Swerea IVF AB

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

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Wendell Rodricks
Wendell Rodricks

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

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

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

news category


Related Categories:
July 2017

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


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