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TEXTILE INDUSTRY GETS BIG BOOST IN INDIA'S BUDGET.
NEW DELHI, March 1 Asia Pulse - Providing a big relief to the makers of synthetic textile yarn, Finance Minister P Chidambaram on Tuesday announced a cut in excise duty on man-made fibre and filament to eight per cent from 16 per cent in the Union Budget for 2006-07.
"The man-made textile industry is a growth and employment driver. It deserves encouragement. Hence, propose to reduce excise duty on all man-made fibre yarn and filament yarn to eight per cent from 16 per cent," he said in his budget speech.
The cut addresses a big anamoly in taxes on manmade textile industry by bringing the excise duty on raw material, which is fibre and filament, at par with the finished product that is yarn.
Due to the ...
- Textile Industry gets big boost in the Budget.
- News wire article from: PTI - The Press Trust of India Ltd. February 28, 2006 700+ words
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- News wire article from: PTI - The Press Trust of India Ltd. February 28, 2006 700+ words
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- News wire article from: PTI - The Press Trust of India Ltd. February 28, 2007 700+ words
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