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SGCCI seeks uniform tax policy for textile industry

04
Aug '09
In order to enable the decentralized synthetic textile industry in Surat to grow, the Surat Gujarat Chamber of Commerce and Industry (SGCCI) urged the Union Textile Minister Mr. Dayanidhi Maran to implement uniform tax policies. In this regard, a delegation of SGCCI, led by its President Mr. Nilesh Mandlewala met Mr. Maran in New Delhi.

The delegation asked the Minister to increase a slew of refunds such as increasing capital subsidy in Textile Up-gradation Fund (TUF) scheme from 15 percent to 20 percent, excise duty reduction on textile machinery and revision of 8 percent of excise duty on the synthetic fibre and filament yarn.

These demands are the part of SGCCI's proposed multi-pronged strategy framed to boost the growth of largest synthetic textile hub of the country that meets about 40 percent demand, of synthetic fabrics in the country. Mr. Mandlewala said that the proposed rise in excise duty on synthetic fiber and filament yarn will increase the raw material prices.

The 4 to 8 percent increase in excise duty on synthetic fibre will make the synthetic saree consumers, across the country, to experience the financial pinch. Thus, SGCCI has demanded that the textile minister extend the slew of rebates, so that the synthetic textile industry in Surat can sustain in domestic and international markets.

The SGCCI delegation also met the Minister of Micro, Small and Medium Enterprises (MSME), Mr. Dinsha Patel to request him to widen the audit limit of the MSMEs from Rs. 40 lakh to Rs. 1 crore and to provide bank loans on low interest rates by making special provisions.

Fibre2fashion News Desk - India


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