Related Keywords: boost investment, cut in excise duty on MMF, from synthetic textile industry, garments produced through MMF, meet growing demand, Ministry of Textiles, MMF industry, new policy, seeking exemption on MMF from excise duty, set to announce, used by economically weaker sections
The Ministry of Textiles is set to announce a cut in excise duty on MMF in the new policy in order to boost investment to meet growing demand from the synthetic textile industry. The MMF industry has on several occasions represented to the government seeking exemption on MMF from excise duty, arguing that the garments produced through MMF are primarily used by the economically weaker sections of society.
While cotton fibre attracts no duty, the government has levied 10 per cent excise duty on MMF.
