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News Flash
Gupta expects duty cut on import of polyesther chips, PTA & MEG
28 Feb '07
1 min read
Pre-Budget expectations from Sunil Gupta, Director, Gupta Synthetics.
Gupta expects a duty cut on the import of raw materials like polyesther chips, PTA and MEG. The current duty is at 10 percent, and expects this to be brought down to 5 percent levels.
The excise duty on monoethylene glycol is also expected to be brought down from the current 12 percent levels to the 8 percent, where PTA is priced at. This was an anomaly from the last Budget and we expect this to be redressed now.
Another key input for the nylon yarn industry, on which we expect a duty cut in caprolactum. The excise rate here is at 12 percent, and we think this will be brought down to 8 percent.
If the Finance Minister complies with these expectations of industry, this will definitely boost our prospects, especially against the international situation. Of course, a lot depends on how the final duty structure stands, but we expect that industry should grow at the rate of 7-8 percent, comparable to GDP growth.
Gupta expects a duty cut on the import of raw materials like polyesther chips, PTA and MEG. The current duty is at 10 percent, and expects this to be brought down to 5 percent levels.
The excise duty on monoethylene glycol is also expected to be brought down from the current 12 percent levels to the 8 percent, where PTA is priced at. This was an anomaly from the last Budget and we expect this to be redressed now.
Another key input for the nylon yarn industry, on which we expect a duty cut in caprolactum. The excise rate here is at 12 percent, and we think this will be brought down to 8 percent.
If the Finance Minister complies with these expectations of industry, this will definitely boost our prospects, especially against the international situation. Of course, a lot depends on how the final duty structure stands, but we expect that industry should grow at the rate of 7-8 percent, comparable to GDP growth.
Gupta Synthetics Limited
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