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Govt announces tax sops for textile sector
May 15, 2003 18:07 IST
Under pressure from textile industry for more concessions, government on Thursday announced more tax sops including raising of excise duty exemption limits for powerloom weavers and readymade garments.
A finance ministry statement said powerloom weavers will get excise duty exemption up to Rs 2.5 million for the first clearance for an annual turnover of Rs 3.5 million.
Earlier it was Rs 2 million for the first clearance with an annual turnover of Rs 3 million, the statement said.
All this duty exemption will henceforth be available to manufacturers of shoddy blankets, terry-towels, fabrics made from monofilament, rubberised textile fabric, woven and unprocessed cotton belting and round mesh mosquito net fabric.
Small or self-employed manufacturers of readymade garments now having an annual turnover of Rs 4 million will have excise duty exemption for the first clearance of Rs 3 million during the 2003-04.
Earlier, it was available up to an annual turnover of Rs 3 million with first clearance of Rs 2.5 million.
Incidental processes like putting price tags, washing instructions or altering of garments done by the traders or retailers will be fully exempt so as to avoid their coming under any kind of harassment, the statement said.
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