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Lackluster Budget for synthetic yarn, Sunil Gupta
28 Feb '07
1 min read
Gupta Synthetics Limited, a leading player in the synthetic yarn industry, says the Union Budget is lackluster and has no special benefits for the synthetic yarn industry – in fact, several demands of the industry have been ignored.
Sunil Gupta, Director, Gupta Synthetics said: “The Budget has effected duty cuts on important raw materials like PTA and polyester fibres to 2.5 percent, from the earlier level of 10 percent, so this is a positive. However, the excise duty on monoethylene glycol and caprolactum still remain at 12.5 percent.
We expected the Minister to address this anomaly, but this has not happened. There is also a Natural calamity Tax of 2 percent, which stll remains.
This is a very average Budget. There are items which we had hoped for, but has not happened. But this will not affect our own expansion plans, and should not dent our margins in any way.”
Sunil Gupta, Director, Gupta Synthetics said: “The Budget has effected duty cuts on important raw materials like PTA and polyester fibres to 2.5 percent, from the earlier level of 10 percent, so this is a positive. However, the excise duty on monoethylene glycol and caprolactum still remain at 12.5 percent.
We expected the Minister to address this anomaly, but this has not happened. There is also a Natural calamity Tax of 2 percent, which stll remains.
This is a very average Budget. There are items which we had hoped for, but has not happened. But this will not affect our own expansion plans, and should not dent our margins in any way.”
Gupta Synthetics Limited
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