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Pre-Budget memorandum for 2007-08
08 Feb '07
3 min read
c). Furnace oil has become extremely costly, following increase in petroleum prices. This is an important input for textile industry because of its power intensity and extensive dependence on captive power generation. It is therefore requested that the excise duty of 16% on Furnace oil may be waived for captive power generated by the T&C industry.
d). Textile machinery industry of India is in a nascent stage and over 70% of machinery is currently being sourced from abroad. Domestic availability of machinery is an important factor for achieving the growth potential of the T&C industry. It is, therefore, requested that excise duty on all machinery for production of textile and clothing may be reduced from the present 16% to 8%.
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GET LATEST UPDATE ON UNION BUDGET 2007-2008
d). Textile machinery industry of India is in a nascent stage and over 70% of machinery is currently being sourced from abroad. Domestic availability of machinery is an important factor for achieving the growth potential of the T&C industry. It is, therefore, requested that excise duty on all machinery for production of textile and clothing may be reduced from the present 16% to 8%.
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GET LATEST UPDATE ON UNION BUDGET 2007-2008
Confederation of Indian Textile Industry, India
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