Industry & Economy
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Textiles
`Duty retention on cotton yarn welcome move'
Our Bureau
COIMBATORE, Feb. 28
THE powerloom development and export promotion council (PDEXCIL) has expressed relief on retention of the 8 per cent excise duty rate for cotton yarn `disregarding' the Kelkar committee's recommendation to enhance the duty.
The PDEXCIL Chairman, Mr M. Senthil Kumar, felt the lowering of customs duty from 25 per cent to 5 per cent on textile machinery would promote modernisation of the industry, which could avail itself of higher technology at reduced cost.
The special package for the powerloom sector announced in the budget containing TUFS-linked workshed scheme, revised textile sector infrastructure development scheme and insurance cover to the weavers would improve the performance of the sector.
The duty reduction on polyester filament yarn from 32 per cent to 24 per cent and PSF yarn from 16 per cent to 12 per cent would be positive element.
The removal of optional excise duty for the woven fabrics would cause burden to the industry.
The proposal to reduce the CST from 4 per cent to 2 per cent would bring down the input costs on various textile items.
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