India Tax Payer - Forum

Excise, Customs and Service Tax > Excise Duty on Textiles

Moderator: Admin

To Share your topic kindly make payment.
Author
  • Roopalakshmi Balasubramaniam
  • Joined:16-03-2011
  • Posts:20
  • Location:Coimbatore
Message

Posted: 31-03-2011

After a massive outbreak of protest from the part of textile domain, the government decided to possibly dissolve the increase of 10 % excise duty on textiles and branded garments…. Textile merchandisers around the country involved in a demurral were furious and were never withdrawing…. Though with a decision of bringing a partial break off to the levied duty people aren’t still happy eventually continuing to protest for a complete exemption…

This budget was a big bad news for the textile and garment industries as the proposed levying of 10 % excise duty made it inevitable to achieve peace…

The finance minister though brought out ideas of reducing the retail prices to 40 to 55 percent…. Sources also say that for an SSI exemption all that the domain needs is to produce a turnover based on the retail sale price this year which amounts to 8.9 crore….This eventually took a turn where the retailers and traders protested with a  tag “ big hit to smaller industries” ..

The breakout predominantly happened in West Bengal involving an opposition from some of the famous industries… Ludhianians and people of West Bengal top the strike to deduct excise duty… The clothing manufacturing association of India announced that the strike can take things into further worse conditions with 50,000 units striking and 25 lakh people lined up protesting……

For more news visit http://epized.blogspot.com/

Statistics
Total posts 81 | Total topics 62 | Total members 20205 | Our newest member: LATIKA JHA