Home / Knowledge / News / Textiles / SRTEPC: Union Budget - a step in the right direction
SRTEPC: Union Budget - a step in the right direction
02
Mar '11
The Union Budget for 2011-12 announced by the Hon'ble Union Finance Minister Shri Pranab Mukherjee has allocated Rs.3100 crores for the Technology Upgradation Fund Scheme (TUFS). “This is a positive measure which will help the textiles sector to implement their expansion and modernization programmes”, said Shri V.K.Ladia, Chairman of The Synthetic & Rayon Textiles Export Promotion Council (SRTEPC).

He urged the Government to remove the freeze on fresh sanctions under the TUF scheme at the earliest.

The Optional Excise Duty on Manmade Spun yarns and fabrics has been retained at 10% which according to Shri Ladia is a step in the right direction. However, the Chairman SRTEPC pointed out that the conversion of optional duty of 10% to mandatory duty on branded textiles made ups will have an adverse impact on this sector which is highly labour intensive. He said bulk of the fabrics used in the manufacture of such made ups are cleared under the optional route at zero duty and hence the manufacturers will hardly be able to avail of any Cenvat Credit.

The Chairman, SRTEPC also appreciated the Budget proposal to introduce a scheme for the refund of service tax paid on the services used in the export of goods on the lines of the Drawback rates. “This is a very good step “, observed Shri Ladia. He pointed out that service tax refund is a cumbersome procedure and the exporters find it extremely difficult to get the refund. He urged the Govt to put in place the proposed system for the refund of service tax at the earliest.

Shri Ladia also lauded the move to introduce a self-assessment system under which exporters and importers would themselves assess their duty liabilities while filing their declarations in the EDI system. “This will greatly help the exporters in saving time and also in reducing the transaction costs” said the Chairman, SRTEPC.

The Synthetic and Rayon Textile Export Promotion Council (SRTEPC)

Must ReadView All

Textiles | On 28th Mar 2017

India may impose duty on elastomeric filament yarn

The Government of India is likely to impose anti-dumping duty on...

Courtesy: Lee Cooper

Apparel/Garments | On 28th Mar 2017

CCI clears FLFL proposal to divest Lee Cooper

The Competition Commission (CCI) of India has approved the proposal...

Textiles | On 28th Mar 2017

Bardoli CEFC to benefit south Gujarat MSMEs

India’s first common engineering facility centre (CEFC) at Bardoli,...

Interviews View All

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Arvind Saraf
Triveni Sarees

e-Commerce is still evolving fast with constant flux and surprises

Rajiv Sirohi
Shara

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

Paolo Ocleppo
Sandvik Hyperion

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

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

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
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