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Union Budget may slash excise duty on polyester & nylon fibers
16 Feb '07
1 min read
Union Budget for 2007-2008 is expected to reduce cost of living for citizens.
Ministry of Chemicals and Petrochemicals proposed Government to reduce basic excise duty on polyester and nylon fibers from eight percent to four percent.
At present, cotton is charged with four percent excise duty in addition to optional Central Value Added Tax (CENVAT).
If the proposal is expected by the Government, then prices of non-cotton textiles would decline.
According to survey by Ministry of Textiles, man-made and blended textiles accounts for 57 percent of clothing sector, followed by cotton garment at 41 percent.
Pure silk and woolen wear accounts for one percent each of total textile market.
In rural sector, more than 65 percent of fabrics consumed are non-cotton made from polyester yarns, nylon yarns and their blends.
However, about 60 percent of fabrics consumed in urban area are mixed of blended.
GET LATEST UPDATE ON UNION BUDGET 2007-2008
Ministry of Chemicals and Petrochemicals proposed Government to reduce basic excise duty on polyester and nylon fibers from eight percent to four percent.
At present, cotton is charged with four percent excise duty in addition to optional Central Value Added Tax (CENVAT).
If the proposal is expected by the Government, then prices of non-cotton textiles would decline.
According to survey by Ministry of Textiles, man-made and blended textiles accounts for 57 percent of clothing sector, followed by cotton garment at 41 percent.
Pure silk and woolen wear accounts for one percent each of total textile market.
In rural sector, more than 65 percent of fabrics consumed are non-cotton made from polyester yarns, nylon yarns and their blends.
However, about 60 percent of fabrics consumed in urban area are mixed of blended.
GET LATEST UPDATE ON UNION BUDGET 2007-2008
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