SASMA's Chalke welcomes cut in man made filament yarn duties
February 28, 2006 - India
"The Budget Proposals are on the lines of what SASMA and FIASWI had requested to the Government and we welcome the same," mentions a press release issued by its President, Mr V S Chalke.
"The reduction in excise duty on man-made filament yarns from 16% to 8% is in the right direction and we hope the manufacturers will pass on the benefit of reduction to the consumers.
The Customs Duty reduction on man-made fibres and filament yarns, is a welcome step.
The Government has accepted our request, partially, that the Customs Duty on finished product i.e. fabric should be higher than the duty on raw materials i.e. man-made filament yarns even though the Anti-Dumping Duty imposed on POY makes import unfeasible. The specific duty on import of fabric has been retained.
The Budget proposals are forward looking and we expect it will encourage the Man-Made Textile Industry."