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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)

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