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Related Keywords: budget and textile, Confederation of Indian Textile Industry, excise duty on manmade fibre, excise duty on textile filament, Indian textiles, prem malik, Southern India Mills’ Association, Union budget 2015

The Union Budget 2015-16 has nothing for the Indian textile industry as it failed to consider the demands put forth by the industry. The industry has expressed disappointment over the budget announcements as the major demands have not been met.

The industry’s wish list submitted prior to the Budget announcement included:
Cut in duties to ensure that raw material costs, cost of converting raw material into finished goods as well as the tariff are less than or equal to international prices,
Reduction in excise duty from 12 per cent to 6 per cent, and

Related Keywords: Codissia Trade Fair Complex, Codissia Trade Fair complex, cut in VAT rate, Farm to Finish Fair, SIMA, Southern India Mills’ Association, TexFair 2015, textile machinery, TN state government

The Southern India Mills’ Association (SIMA) has appealed to the State Government to bring down the VAT rate from 5 percent to 2 percent, as they are gearing up to conduct TexFair 2015 and the second edition of SIMA Farm to Finish between January 9 and 12 at the Codissia Trade Fair Complex here.

SIMA Chairman T Rajkumar said that the association had met the State Finance Minister and Secretary in this regard and they were ensured that their request would be considered on a trial basis initially before regularising it.

Related Keywords: cotton transport, exemption of service tax, ginned or baled, GTA, Indian Cotton Federation, Indian textiles and clothing industry, Southern India Mills’ Association

Indian Cotton Federation hails over the announcement made in the budget, exempting of service tax on loading, unloading, packing, storage or warehousing, transport by vessel, rail or road (GTA), of cotton, ginned or baled. It is a welcome move and in the right direction.