Home / Knowledge / News / Textiles / FICCI advocates tax sops for technical textile sector
FICCI advocates tax sops for technical textile sector
27
Dec '10
The Federation of Indian Chambers of Commerce and Industry (FICCI) revealed that in order to take advantage of the enormous potential of the technical textiles sector in India, which is still in its embryonic stage, various growth-supportive sops such as tax incentives should be introduced.

In its suggestion to the Ministry of Textiles, FICCI has proposed that technical textiles having variety of applications like geotextiles, medical, hygiene, protective clothing, automotive, industrial, agrotech and fire retardants, should be exempted from goods and services tax (GST) for a minimum period of two years.

The technical textile sector lobby recommended its addition under the Special Product Focus Scheme for rectification of inverted duty structure, exports, fixation of drawback rates as well as DEPB rates for new products.

FICCI, in its suggestions to the Ministry of Textiles, has proposed that it should discuss the issues with the finance ministry. It also proposed zero-duty on the import of speciality fibres and yarns which are not produced in our country besides the lowering down of the excise duty from 10 percent to four percent on man-made fibres and yarns.

FICCI also stated that technical textiles have huge export potential and the government should give incentives to these products as well as the industry under the Special Focus Product Scheme of foreign trade policy of our country. This would render them suitable for the allowance of duty credit scrips equal to five percent of free on board (FOB) export value.

At present, these products have been placed only under the focus products scheme which makes them eligible for two percent duty scrip, it added.

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 7th Dec 2016

New Texprocil chairman bats for increased UPI adoption

Ujwal Lahoti, the new Cotton Textile Export Promotion Council...

RBI Governor Urjit Patel addressing a press conference. Courtesy: Youtube

Textiles | On 7th Dec 2016

Defying expectations, RBI keeps repo rate unchanged

Defying market expectations, the Monetary Policy Committee (MPC) of...

The new OJ 59/1 B. Courtesy: Karl Mayer

Textiles | On 7th Dec 2016

Karl Mayer unveils new LACE.EXPRESS model for apparel

Germany’s leading textile machinery firm, Karl Mayer, has launched a...

Interviews View All

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Nuno Venda
ROQ

‘There has been an increase in demand for water based inks, rather than...

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Suresh Patel
Sidwin Fabric

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

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Wendell Rodricks
Wendell Rodricks

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

Judy Frater
Somaiya Kala Vidya

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

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

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 2016

December 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search