;
Home / Knowledge / News / Textiles / Budget 2018-19: Customs duty on silk fabric hiked to 20%
Budget 2018-19: Customs duty on silk fabric hiked to 20%
01
Feb '18
Budget 2018-19: Customs duty on silk fabric hiked to 20%
To provide adequate protection to the domestic industry, and to incentivise domestic value addition and ‘Make in India’, finance minister Arun Jaitley today proposed to increase customs duty on import of silk fabric from the existing 10 per cent to 20 per cent. In his first Budget post-GST, Jaitley stressed on development of agricultural and rural economy.

The Budget proposes an increase in outlay for the textile sector. “The Government had approved a comprehensive textile sector package of Rs 6,000 crore in 2016 to boost the apparel and made-up segments. I, now propose to provide an outlay of Rs 7,148 crore for the textile sector in 2018-19,” Jaitley said in Parliament.

For incentivising the leather and footwear sector, Jaitley said, “Currently, a deduction of 30 per cent is allowed in addition to normal deduction of 100 per cent in respect of emoluments paid to eligible new employees who have been employed for a minimum period of 240 days during the year under section 80-JJAA of the Income-tax Act. However, the minimum period of employment is relaxed to 150 days in the case of apparel industry. In order to encourage creation of new employment, I propose to extend this relaxation to footwear and leather industry.”

“Further, I also propose to rationalise this deduction of 30 per cent by allowing the benefit for a new employee who is employed for less than the minimum period during the first year but continues to remain employed for the minimum period in subsequent year,” he added.

The Budget also proposes increase in customs duty on footwear to 20 per cent from the current 10 per cent, and on parts of footwear to 15 per cent from the existing 10 per cent rate. (RKS)

Fibre2Fashion News Desk – India


Must ReadView All

Courtesy: Global Fashion Agenda

Apparel/Garments | On 23rd Jan 2019

Global Fashion Agenda releases CEO Agenda 2019

Highlighting the urgency of combating climate change, non-profit...

USTR aims for more balanced trade in US-EU trade talks

Textiles | On 23rd Jan 2019

USTR aims for more balanced trade in US-EU trade talks

In negotiations for a trade agreement with the European Union (EU),...

Courtesy: Ayotunde Oguntoyinbo/SMART

Textiles | On 23rd Jan 2019

EU lacks sufficiently stringent regulations: SMART

Despite the European Union (EU) having a wide range of...

Interviews View All

Mandeep Nagi, Shades of India

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Cyril Pereira, Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Sanjay Desai & Ashish Mulani, True Colors

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Marcus Hardelauf,

Marcus Hardelauf

Germany-based Textechno is one of the leading manufacturers of testing...

Akshat Chaudhary,

Akshat Chaudhary

Aizome, Asia's first Fairtrade denim brand, is all set to launch next...

Urmil Arya,

Urmil Arya

Sushila International, a well established textile organisation established ...

Karl Zelik, Vanderbilt University

Karl Zelik
Vanderbilt University

A team of engineers at the Vanderbilt University has designed a smart...

Giulio Cesareo, Directa Plus SpA

Giulio Cesareo
Directa Plus SpA

Established in 2005, Direct Plus SpA, is one of the largest producers and...

Ray Baughman, University of Texas -Dallas

Ray Baughman
University of Texas -Dallas

<div>A team of scientists and researchers have discovered twistrons,...

Varsha Wadhwa, VW

Varsha Wadhwa
VW

Coming from a family that ran a business of jute and linen mills since...

Amiben Shroff, Shrujan

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Vaanee Bhatia, Gritstones Clothing

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

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

Leave your Comments


January 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search