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Budget sops proposed for synthetic fibre makers

Feb '07

Chemicals & Fertilisers Ministry has recommended to Finance Ministry to retain 10 percent Customs duty on polyester yarn proving beneficial to synthetic fibre-makers like Reliance Industries and Indo Rama Synthetics that supply fibre to the $46-billion textile industry.

Synthetic fibre such as partially-oriented yarn (POY), fully-drawn yarn (FDY) and polyester staple fibre (PSF) will now attract 10 percent Customs duty. Ministry has recommended removal of 1 percent national calamity contingency duty on POY and FDY as it will be an additional burden on yarn consumers.

Chemicals & Fertilisers Ministry recommends excise duty reduction from 8 percent on polyester filament yarn (PFY), nylon filament yarn (NFY), nylon industrial yarn (NIY) and PSF to 4 percent.

It suggests 15 percent excise duty on caprolactum and 12 percent excise on mono ethylene glycol (MEG) be reduced to 8 percent.

Ministry also recommended reduction of Basic Customs duty of 5 percent on ethylene, propylene and butadiene, present 10 percent Customs duty on ethanol be reduced by half, reducing 12.5 percent Customs duty on titanium dioxide, spin finish oil, methyl acrylate and dimethylformamide to 5 percent and 5 percent duty on acrylonitrile to 2 percent.

The finance ministry has already reduced 10 percent Customs duty on carbon black to 5 percent before the Budget.


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