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Union Budget: Textile sector expects excise duty revisions
19
Jan '17
Excise duty on man-made fibres should be reduced to bring it on par with that of cotton in this year’s Union Budget, said a top official of a leading textile company of India. The industry has been demanding a level-playing field in the industry with respect to cotton for a long time now and some rationalisation is expected from Budget 2017-18.

“A long standing demand of the industry, especially the man-made fibre sector, is about the excise duty reduction. Fibres like nylon and polyester have an excise duty of 12.5 per cent, while for other yarns like cotton, the excise duty is negligible. The industry has been demanding a level-playing field vis-à-vis cotton. So, we are looking for some rationalisation in excise duty in this year’s Union Budget,” Shailendra Pandey, joint president – sales & marketing, Aditya Birla Nuvo Ltd (Indian Rayon) told Fibre2Fashion.

Another leading manufacturer and exporter of home textiles and yarns has urged the government to consider subsiding excise duty by more than 20 per cent on handicraft and handloom products that are to be exported.

“The Union Budget of this year, as far as the textile sector is concerned, should be well focused for giving more than 20 per cent excise duty subsidy on handicrafts and handloom sector goods destined for export to the US and east European countries,” Rajendra Singh Cheema, general manager, EHS and compliance officer, Trident Group told F2F.

Cheema also said that the government should consider a long term plan to boost exports from India.

“Also, make long term planning to increase textile export form India to go ahead of China by the year 2020,” added Cheema.

Pandey also said that the textile industry is looking at the Union Budget from the point of view of GST too. “How the fabric will be brought into the GST chain is an important question as fabric in the unorganised sector is not covered under excise,” noted Pandey. (KD)

Fibre2Fashion News Desk – India


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