Home / Knowledge / News / Textiles / Surge in prices of manmade yarns due to boost in excise duty
Surge in prices of manmade yarns due to boost in excise duty
18
Jul '09
Prices of manmade yarn have increased by 3-4 percent, due to the effect of the budgetary announcement in which excise duty on synthetic yarn has been boosted from 4 percent to 8 percent.

It is obligatory for units to pay excise duty at the fibre and yarn stage, but optional if further processing of the synthetic yarn is undertaken. This decision has been opposed tooth and nail by the textile sector.

Commenting on the surge in prices, the Managing Director of Supreme Texmart, Mr Sanjay Gupta said that, “4% additional duty has been imposed on synthetic yarns increasing burden in cost of raw material, manufacturing, finished products etc”.

He added by saying, “This has also raised the challenges from China, since due to this decision, bank credit will drop, unemployment will increase and ultimately will disturb economy of the industry”.

He concluded by saying, “The only alternative is to increase the prices of our products or shift to some other prospective markets, or shift from existing product to another product”.

Fibre2fashion News Desk - India

Must ReadView All

Apparel/Garments | On 27th Mar 2017

Fynd raises $500K Series A funding from Venture Catalysts

Fynd, an online to offline (O2O) e-commerce fashion marketplace, has...

Apparel/Garments | On 27th Mar 2017

Digital technology to accelerate Indian business growth

Indian business will benefit much by going digital, according to a...

Textiles | On 27th Mar 2017

Raymond to buy 98,000 metres khadi fabric from KVIC

Raymond, leading Indian fashion retailer, has ordered 98,000 metres...

Interviews View All

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Marcel Alberts
Eurofibers

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

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

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