The Federation Of Indian Industry And Commerce Proposes To Reduce The Tax Burden On The Technical Textile Industry

　 The Federation of Indian Chambers of Commerce and Industry (FICCI) said that in order to make full use of the huge potential of technical textiles in India, although it is still in its infancy, technology should be given textile The industry provides many growth support, such as the introduction of preferential tax rates.

The Confederation of Indian Industry and Commerce made a proposal to the Ministry of Textiles. The Confederation claimed that technical textiles have many application fields, such as geotextile, medical treatment, health, protective clothing, automobile, industry, agricultural science and technology and flame retardant fields, and should be exempt from service tax on these goods for at least two years.

The lobbyists of the technical textile sector suggested that technical textiles should be included in the key plan of special products, and the key plan was to correct the reverse tax structure, export tax, tax rebate rate and DEPB rate of new products.

The Federation of Indian Industry and Commerce suggested that the Ministry of Textiles discuss these issues with the Ministry of Finance. The Federation also proposed to implement zero tariff on imports of special fibers and yarns that India does not produce. In addition man-made fiber And the consumption tax on yarn was reduced from 10% to 4%.

The Federation of Indian Industry and Commerce also pointed out that technical textiles have great export potential, and the government should provide incentives for these products, and pay attention to the technical textiles industry according to the special key product plan in India's foreign trade policy. Make the tax exemption subsidy of technical textile industry equal to (FOB price ）Total export value 5%.

At present, these products have been placed in the key product plan, which allows these products to enjoy 2% tax exemption.