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Provision of TUFS not enough to clear backlog, SASMA

28
Feb '07
Synthetic & Art Silk Mills' Association Limited comments on Budget 2007:

As far as the man-made textile industry is concerned, it is a lackluster Budget. While we welcome the extension of the Technology Upgradation Fund (TUF) Scheme during the 11th Five Year Plan, the provision of only Rs.911 crores for the year is not even enough to clear backlog for the previous year.

The reduction in Customs duty on polyester filament yarn from 10% to 7.5% will not benefit the decentralized weavers in any way as there is substantial Anti-dumping Duty on Polyester filament yarn. The Education Cess @ 1% in addition to the existing 2% on Customs, Excise and Service Tax will further increase the cost of the raw materials.

The Industry's request for neutral excise duty on all fibres and yarns has been turned down by the Government. Besides, the Industry's request for Nil Customs duty on all yarns which are not manufactured in the country, especially for manufacture of Technical Textiles, has also not been considered except Aramid Yarn used in the manufacture of bulletproof jackets for armed forces.

While the Government and the Industry is striving for modernisation of the industry, the withdrawal of exemption and imposition of 8% excise duty on almost 40 items of Textile Machineries including Shuttleless looms will take modernisation backwards.

Synthetic & Art Silk Mills' Association Limited


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