India Textile Minister Hinted That The Brand Clothing Consumption Tax Would Be Abolished.

2011/12/16 9:14:00 21

India Textile Minister Hints At Abolition Of Brand Clothing Consumption Tax

At present, the clothing industry in India is struggling with many continuous obstacles.

First of all, the biggest impact on the clothing industry is right.

Brand clothing

A 10% consumption tax was imposed, followed by a slowdown in the economy, an impact on export orders, a weakening of consumer purchasing power, and a rise in raw material prices, which eventually hit the garment industry.

Therefore, many textile enterprises are negotiating with banks, hoping to restructure them.

loan

I hope to get some relief from the government.

Textile minister Rita mehnon is trying to provide some stimulus to the clothing industry.

Textile industry, she said.

Deliberation

The most important thing on the agenda is to abolish the consumption tax on brand clothing. She disclosed that the consumption tax would probably be abolished this year.

At the same time, the government is also studying the extension of the TUF plan and the establishment of the textile industry project in the whole country.

Meon said that the national fiber policy will become part of the twelfth five year plan.

This is an important reform which will not only help exporters, but also boost the domestic market.

The Ministry of textiles has taken a number of initiatives to revive India's technology textile industry.

For example, the growth and development plan of technical textiles (SGDTT), including the incorporation of machinery into the revised capital reform plan, can enjoy 10% of the capital subsidy.

The Ministry of textiles has also set up a task group on technical textiles, divided into two small task groups, with a duration of five years, from 2010-11 to 2014-15 years, and investing in 2 billion rupees. It may also be included in the twelfth five year plan.