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SIMA presents Pre-budget Memorandum suggestions
14
Feb '08
Dr K Selvaraju, Secretary General, Southern India Mills Association (SIMA), has submitted the suggestions for pre-Budget Memorandum 2008-09. This has been developed after receiving demands and requests from the member mills.

According to the Secretary General, this can be incorporated while CITI submits the pre-Budget Memorandum (Central Budget) to the Ministry of Finance.

Excise duty:

• Grant exemption from central excise duty levied on 40 textile machinery which were withdrawn during the last budget vide Notification No.6/2007-CE dated 1.3.2007.

• Exempt furnace oil from central excise duty and all other levies to enable the textile mills having furnace oil based captive power plant to operate the plant and help the E.Bs to meet their shortage.

• Extend the period of the validity of letter of undertaking / bond submitted for export of yarn without payment of duty from the present one year to a general permission for at least five years.

• Reduce excise duty on textile machinery and its spare parts from 16% to 8%.
Customs Duty

• Reduce the import duty on all man-made fibres (including viscose) to 4% and provide exemption route simultaneously.

• Reduce import duty on cotton from 10% to 5% and exempt cotton from Special CVD of 4% on par with wool.

• Reduce customs duty on textile machinery and its spare parts both for textile machinery manufacturers and mills from 7.5% to 5%.

Service Tax


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