Forthcoming Budget - Industry players optimistic

16 Feb '08

6 min read

On behalf of JCT LIMITED, Mr Rajesh Singh puts forth, “As far as Nylon Chain is concerned, we expect that Custom Duty on the raw materials including chemical and catalyst should come down to 5 percent levels, for yarns it should be reduced to 7.5 percent, Inverted Excise Duty on raw material to Nylon needs to be rectified and lowered to at least 8 percent and Excise Duty on Nylon yarns to be brought to cotton levels”.

Mr Pawan Jain Vice President, Legal and Secretarial, from Abhishek Industries said, “In my opinion, the Government must consider few points during formulation of the forthcoming budget. We are paying duty of 16 percent on Capital goods, which should be reduced to 8 percent. Excise duty should be withdrawn completely on Textile Machinery and under EPCG scheme customs duty should be nullified from basic 5 percent.”

He further stated, “Target plus Incentive scheme should be restored. DEPB scheme should be extended after March 2008 and Rate of Export Incentive (DEPB/ Drawback/ Rebate) should be increased by 4 percent because of Rupee Appreciation. Import duty on cotton should be reduced from present 10 percent and also Customes & Excise duties should be reduced on all synthetic fibres.”

In the same line, Fibre2fashion contacted Mr Pramod Gothi, MD of Morarjee Textile, and he stressed, “Government should refund the state taxes that affect the industry by 7 to 8 percent. Further our ministers should realize that textile industry has generated maximum employment in the country and when at this juncture a talk about Inclusive and Non agro growth is going on, textile can be one of the sectors for the same.

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