The India Federation Of Industry And Commerce Proposes To Reduce The Tax Burden On The Technology Textile Industry.

　 The Federation of India chamber of Commerce and industry (FICCI) said that in order to make full use of technology in India textile Although its potential is still in its infancy, it should provide a lot of growth support to the technology textile industry, 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.

Proposal of India Federation of Commerce and Industry Ministry of textiles Discuss these issues with the Ministry of finance. The Federation also recommended zero tariffs on imports of special fibers and yarns not produced in India. In addition, the consumption tax on man-made fibres and yarns dropped 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 allowance for duty-free measures in the technical textiles industry is equivalent to 5% of the total export value of (off shore) prices.

At present, these products have been placed in the key product plan, and plan to allow them. product Enjoy 2% duty-free treatment.