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Import duty on textile machinery expected to be cut in Union Budget

27
Feb '07
On the textiles industry front, Sanjiva Jain, Director of JCT expects extension of TUFS for two years.

He also expects import duty cut on textile machinery, which is necessary to make the Indian textile industry more competitive globally.

He anticipates excise duty on caprolactum, raw material for nylon yarn, would be brought down to 8 percent from 16 percent removing the anamoly created in last budget.

It is worth mentioning that at present nylon yarn like other MMFs also attracts excise duty of 8 percent but on the raw material duty is 16 percent while raw materials of other MMFs attract duty of 8 percent. Due to this anamoly unabsorbed CENVAT credit amount is increasing putting lot of pressure on cash flows of nylon yarn producers.

Generally the emphasis on industry growth oriented policies would be continued.

Budget 2007-08 would meet these expectations. Overall impact of the budget would be favourable to the textile industry.

Fibre2fashion News Desk - India


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