Industry & Economy
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Textiles
Chamber plea to rationalise yarn duty structure
Our Bureau
KOLKATA, Nov. 26
THE Chamber of Textile Trade & Industry has urged the Union Finance Minister to rationalise the duty structure on all sorts of yarn and reduce it to eight per cent in the Union Budget 2003-04.
The chamber has made this request in its proposals for the Union Budget. Moreover, it supported the Union Textile Ministry's suggestion of hiking interest subsidy in the textile upgradation fund scheme to eight per cent from the present level of five per cent. It felt that bottlenecks and red tape should be removed.
"Currently, the credit for interest subsidy is given in most cases after seven to eight months after the entrepreneur has paid the interest to the financing institution.
This delay should be avoided and provisions for automatic credit of subsidy portion from the concerned authorities should be made," the release stated.
Regarding direct taxes, the chamber felt that under Section 10(32), the current limit of Rs 1,500 should be increased to Rs 15,000 for each minor child, subject to a maximum of two children.
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