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Textile sector furious over additional tax levy on textile imports
21
Feb '11
According to the textile sector, the extra taxes imposed on the textile imports are intended to inhibit the recent bounce in the sector.

A 30 percent additional duty on fabrics and 40 percent on apparel imports have been imposed by means of a regulation aimed at safeguarding the domestic textiles and readymade garments sectors against invasion of imported materials.

The domestic textile sector had been hit by the rising imports, which is evident from the closure of several textile factories and rising joblessness in the sector.

It is not possible for anyone to claim that, all these units faced closure on account of poor administration or technological shortcomings, the sector revealed.

The strong domestic currency 'Lira' or say the lower foreign exchange rates, greatly helped the country to bring down the inflation rate from 80 percent to eight percent, but then these remedies did have their own shortcomings. Like for instance, the low foreign exchange rates considerably spur up the imports, but ultimately hit the domestic businesses and cause sharp hike in the foreign trade deficit.

The country's overall foreign trade deficit calculated on a monthly basis, came to around $10 million in December last year and is rising persistently. While major import leaps were witnessed particularly in the textile and apparel items during the last few months, and this was the reason which required the government to go for such additional duty imposition on sector's imports.

The textile sector claimed of such extra duty impositions to be an attempt on the part of the government to subjugate their self created problem, but then it even stated that the imposition of the preservation tax was a wrongful decision as it has placed all the importers under the same scanner.

Fibre2fashion News Desk - India


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