Related Keywords: Arun Jaitley, branded readymade garments, hit readymade garment industry, hurt small and medium size industries, made up articles of textiles, manufacturing garments for big brands, propose to change excise duty, retail price of thousand rupees and above, Union Finaance Minister, without input tax credit
In the budget 2016-17, Union Finance Minister Arun Jaitley said that he propose to change the excise duty on branded readymade garments and made up articles of textiles with a retail price of Rs 1,000 and above from ‘Nil without input tax credit or 6 per cent/12.5 per cent with input tax credit’ to ‘2 per cent without input tax credit or 12.5 per cent with input tax credit.
With the Union government levying excise duty on readymade products of Rs1000 or more, the prices of branded garment are set to move up by 2 to 5 percent.
