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Incentive scheme to promote imports of textile machinery
06 Mar '07
1 min read
Textile exporters, who have failed to achieve export targets, will have to pay only five percent duty on imports of machinery as per incentive scheme enforced in 1998.
This will encourage duty free imports of machinery by textile exporters leading to increase in industrialization.
This facility can be availed only if units agree to achieve export target fixed by the scheme notified through S.R.O. 554 (i) 1998.
If enterprises fail to do so then deposit custom duty will be applicable on imports of machinery.
In budget 2004-05, custom on capital goods was reduced to five percent compared to previous rate of 20 to 25 percent.
Tax authorities were supposed to notify extension with effect from October 1, 2005 onwards to benefit such exporting units.
Moreover, Central Board of Revenue issued notification stating that facility provided to companies will be available with effect from October 1, 2005 onwards because of gap that emerged from October 1, 2005 to June 5, 2006.
This will encourage duty free imports of machinery by textile exporters leading to increase in industrialization.
This facility can be availed only if units agree to achieve export target fixed by the scheme notified through S.R.O. 554 (i) 1998.
If enterprises fail to do so then deposit custom duty will be applicable on imports of machinery.
In budget 2004-05, custom on capital goods was reduced to five percent compared to previous rate of 20 to 25 percent.
Tax authorities were supposed to notify extension with effect from October 1, 2005 onwards to benefit such exporting units.
Moreover, Central Board of Revenue issued notification stating that facility provided to companies will be available with effect from October 1, 2005 onwards because of gap that emerged from October 1, 2005 to June 5, 2006.
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