Interviews
Mixed bag for textile sector in union budget
01 Mar '11
4 min read
- Tariff rate of 5% excise duty is being prescribed on products like sanitary towels and napkins as well as on labels. However it will attract the concessional rate of 1% without CENVAT credit facility.
- Exemptions from excise duty on hand-made carpets, carpets and other textile floor coverings, knotted, woven, tufted or flocked of coconut fibres (coir) or jute, whether or not made up are being withdrawn and would now attract a concessional duty of 1% without Cenvat credit facility. A general effective duty rate of 5% is also being prescribed on the said goods without any conditions.
- Laminated jute bags now to attract 1% excise duty without CENVAT credit facility
- Full Central Excise duty exemption is provided to the crank shaft/arm shaft used for manufacture of sewing machines- other than those with in-built motors
Presenting the budget 2011-12, the Finance Minister Mr Pranab Mukherjee said that the budget is a transition towards a more transparent and result oriented economic management system in India.
- Exemptions from excise duty on hand-made carpets, carpets and other textile floor coverings, knotted, woven, tufted or flocked of coconut fibres (coir) or jute, whether or not made up are being withdrawn and would now attract a concessional duty of 1% without Cenvat credit facility. A general effective duty rate of 5% is also being prescribed on the said goods without any conditions.
- Laminated jute bags now to attract 1% excise duty without CENVAT credit facility
- Full Central Excise duty exemption is provided to the crank shaft/arm shaft used for manufacture of sewing machines- other than those with in-built motors
Presenting the budget 2011-12, the Finance Minister Mr Pranab Mukherjee said that the budget is a transition towards a more transparent and result oriented economic management system in India.
Fibre2fashion News Desk - India
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