Home / Knowledge / News / Textiles / Govt scraps import duty on textile machinery
Govt scraps import duty on textile machinery
21
Sep '09
The government bowing down to pressure from the textile sector, has scrapped the import duty on imports of textile machinery, which was a primary demand of the industry.

Earlier imports of textile machinery and related equipment, attracted a customs duty of 5 percent, and with other surcharges, it actually went up much higher.

The Finance Ministry had estimated that, the exchequer would bear a lose of around Rs 10 billion in revenue if the duty was withdrawn, which was considered exaggerated by the sector.

The announcement for withdrawing the import duty was made in the Textile Policy, but was to be implemented from the next fiscal year, in view of the revenue shortfall.

The textile ministry had proposed the finance ministry to remove the import duty from the current fiscal, which was accepted after a lot of persuasion.

The waiver of customs duty on the import of textile machinery and equipment is expected to boost the fortunes of a sector, which is going through a depressing period.

Fibre2fashion News Desk - India


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

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Suresh Patel
Sidwin Fabric

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

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Bani Batra

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

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