India Asked The Government To Stop Financial Subsidies For Importing Textile Machinery From China.

Being unchecked.

"The import of second-hand / old looms and cheap Chinese looms is the biggest obstacle to the development of the local textile machinery industry," the India Textile Machinery Manufacturers Association (TMMA) said in a pre budget report to the government.

It is said that the India Planning Commission observes that no import of second-hand capital goods should be subsidized.

The government should not participate in it.

In the 2008-09 fiscal year, India imported about 1354 second-hand looms.

In the 2011-12 fiscal year budget, the India textile machinery manufacturers association suggested that the distortion should be abolished in the consumption tax structure.

It is proposed to levy a uniform 8% consumption tax for all textile machinery.

The consumption tax on components and fittings should be less than 4%, so as to promote the development of localization.

At present, the tariff of India textile machinery is about 10%, and the tariff of some special machinery is 4%.

The duty of raw materials, accessories and accessories is 8%.

Similarly, in terms of mechanical imports, India has two tariff levels, 7.5% and 5%.

The India Textile Machinery Manufacturers Association recommends a unified tax rate of 7.5%.

In addition, the tax rate for raw materials, fittings and components should be lower than that of the whole machine.