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Imported textile machinery duty rates to reduce
24 Jan '07
1 min read
Concession of 5 percent enjoyed on duty rates on certain imported components for textile machinery is likely to be extended to 84 additional items in forthcoming budget.
These 84 items at present attract 10 percent customs duty.
In a bid to boost the $52 billion (Rs234,000 crore) Indian textile industry, that is expected to grow to $110 billion by 2012, it has become imperative to reduce customs duty on textile machinery.
Estimated demand for textile machinery during 2006-07 for imported textile machinery will be around Rs 6,080 crore whereas Indian machinery sales is expected to be around Rs 2,800 crore.
Total customs duty on imported machinery even at 5 percent in reality works out to 25 percent making the already costly textile machinery, costlier.
These 84 items at present attract 10 percent customs duty.
In a bid to boost the $52 billion (Rs234,000 crore) Indian textile industry, that is expected to grow to $110 billion by 2012, it has become imperative to reduce customs duty on textile machinery.
Estimated demand for textile machinery during 2006-07 for imported textile machinery will be around Rs 6,080 crore whereas Indian machinery sales is expected to be around Rs 2,800 crore.
Total customs duty on imported machinery even at 5 percent in reality works out to 25 percent making the already costly textile machinery, costlier.
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