The India Federation Of Industry And Commerce Proposes To Reduce The Tax Burden On The Technology Textile Industry.
India Federation of industry and Commerce (FICCI) said that in order to make full use of the great potential of technical textiles in India, although it is still in its infancy, it should give technology.
textile
The industry provides many growth support, such as the introduction of preferential tax rates.
The India Federation of industry and Commerce has made recommendations to the Ministry of textiles. The Federation claims that technical textiles have many applications, such as geotextiles, medical treatment, hygiene, protective clothing, automobiles, industry, agricultural science and technology and flame retardancy, and they should be exempt from the service tax of these commodities for at least two years.
The lobbyists of the technical textile department suggested that technical textiles should be included in the key plan of special products, with the focus on correcting the reverse tax structure, export tax, rebate rate and DEPB rate of new products.
The Federation of industry and Commerce of India suggested that the Ministry of textile and the Ministry of Finance discuss these issues together.
The Federation also recommended zero tariffs on imports of special fibers and yarns not produced in India.
Man-made fiber
And the yarn consumption tax fell from 10% to 4%.
India Federation of Commerce and industry also pointed out that technical textiles have huge export potential, the government should provide incentives for these products, and pay attention to the technical textiles industry in India's foreign trade policy according to the special key product plan.
The technical textile industry's allowance for tax exemption is equivalent to (offshore price).
Gross export value
5%.
At present, these products have been placed under the key product plan, and they are allowed to enjoy 2% duty-free treatment of these products.
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