Home / Knowledge / News / Textiles / Duty reduction likely in budget for textile machinery & man-made fibre

Duty reduction likely in budget for textile machinery & man-made fibre

24
Feb '07
Excise duty relaxation on man-made fibre products and Customs duty reduction for textile machinery imports is likely to be made for the textile sector.

Technology Upgradation Fund Scheme (TUFS), scheduled to expire in March this year may be extended by another three years, with some adjustments in the interest subsidy scheme in the Budget, sources said.

Textile value chain from yarn to garments presently attracts excise duty of eight percent for man-made fibre products and four percent on cotton products.

Excise duty on man-made fibre is likely to be made at par with duty structure on cotton and other natural fibres in the Budget, sources said.

Customs duty on machinery between five to 12.5 percent may possibly be reduced in Budget due to machinery shortages faced by textile industry.

The textile and apparel industry had approached Confederation of India Textile Industry to reduce custom duty to five per cent on all textile machinery, components and spare parts, besides removing duty on machinery for processing and clothing industry.


GET THE LATEST ON UNION BUDGET 2007-2008


Must ReadView All

Pic: Shutterstock

Textiles | On 27th Oct 2021

US reaches multi-country agreement on Digital Services Taxes

The US has reached an agreement with Austria, France, Italy, Spain...

A portion of globe showing location of Myanmar in Asia. Pic: commons.wikimedia.org/ Valegos Mangenuit

Textiles | On 27th Oct 2021

Myanmar heading towards economic crisis

The southeast Asian nation of Myanmar, which saw military junta...

Pic: Shutterstock/I Love Coffee dot Today

Apparel/Garments | On 27th Oct 2021

Cambodia’s garment exports up by 11.4% in Jan-Sept 2021

Cambodia exported $8.2417 billion worth garments between January and...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Fabric selection & recommendation based on client's brief

Textile Industry, Head honchos

Textile Industry
Head honchos

Marry craft and utility

Textile Industry, Head honchos

Textile Industry
Head honchos

Quality & affordability to affect market acceptability of new fibres

Benedetta Terraneo,

Benedetta Terraneo

Miko Srl, a subsidiary of US-based Sage Automotive Interiors and a member...

Daniele Uboldi,

Daniele Uboldi

EptaInks is the screen-printing division of Eptanova, a company that...

J Vargas,

J Vargas

With a vision to be the world's top tier textile manufacturer, Badjatex...

Ian Russell, Pireta

Ian Russell
Pireta

UK-based Pireta has developed a unique free-form process to add durable,...

Thomas Ong P S, NanoTextile

Thomas Ong P S
NanoTextile

Malaysian company NanoTextile Sdn Bhd taps into the potentials of...

Robert Brookins, Alexium International

Robert Brookins
Alexium International

Alexium International is a specialty chemical development company...

Abhishek Agarwal, Purple Style Labs

Abhishek Agarwal
Purple Style Labs

Late Indian fashion designer Wendell Rodricks, is known for his...

Abhishek Bajaj & Samiksha Bajaj, Samshek

Abhishek Bajaj & Samiksha Bajaj
Samshek

Samshek is a fashion forward tech brand which combines digital experience...

Sarah Denise Cordery, Sarah Denise Studio

Sarah Denise Cordery
Sarah Denise Studio

Manchester, England-based Sarah Denise Studio provides relevant fashion...

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


October 2021

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


Advanced Search