India Textile Ministry Requests The Cabinet To Approve The National Fiber Policy As Soon As Possible.

2010/9/6 18:06:00 58

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In order to end cotton and

Man-made fiber

(MMF) the tax difference between India and the Ministry of textiles will soon communicate with the cabinet on the issue of national fiber policy.

According to sources, the Ministry of textiles has issued a cabinet for the draft national fiber policy to the relevant ministries and commissions.

notice

For example, the Ministry of agriculture, the Ministry of chemical industry and the Ministry of commerce are seeking their advice.

The draft policy says that although man-made fibers and

textile

The consumption tax has been greatly reduced, but the tax level of man-made and man-made fiber textiles is still very high.

The draft said cotton was exempt from consumption tax, but artificial fiber was subject to a 8% consumption tax.

In addition, 8% of the central value-added tax is levied on man-made fiber textiles, while cotton textiles can choose 4% of the central value-added tax.

As long as the consumption tax of man-made fibres and man-made fiber textiles is reduced, it will have a very positive impact on the growth of man-made fiber consumption.

The draft said that future demand will tend to be man-made fibers and man-made fiber based textiles. Therefore, India should pay special attention to promoting the consumption and production of man-made fiber textiles.

At present, India man-made fiber accounts for 41% of domestic fiber consumption, while cotton accounts for 51%.

In contrast, the proportion of global man-made fiber consumption to cotton is 60:40.