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Synthetic fibre industry pleads for uniform Cenvat

21
Nov '05
The synthetic fibre industry has requested the Government for a 4 percent common Cenvat (Central Value Added Tax) rate on all types of textile fibres, with an alternative to stay in the Cenvat chain or not.

The synthetic fibre and fibre intermediates stated that industry's pre-budget memorandum for the Union Budget 2006-07, the mandatory 16 percent duty at the fibre and filament yarn stage imposed on the synthetic textile sector has created the problem of Cenvat accumulation at the blended yarn stage.

According to the memorandum, this has removed the profitability and working capital of the spinning industry and removed its strength to generate reinvestable surplus for further growth.

As per the Memorandum, the National Textile Policy of 1985 and New Textile Policy in 2001 had zoomed in "fuller fibre flexibility," which denoted that there should be no limit for use of any fibre by any section of the industry.


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