Comments
Hosiery (knitwear) makers expect excise duty on products priced below Rs 500 to be waived. The industry was brought under “compulsory excise duty” last year.
Commenting on the Budget expectations, Sanjay Kumar Jain, Managing Director, TT Ltd, described compulsory excise duty as the biggest concern for the industry.
“There is optional excise duty on raw materials – yarn and fabric. But, hosiery is a very unorganised and fragmented industry. Why a compulsory excise duty for such an industry?” Jain told Business Line .
Jain is also the Vice-President of Federation of Hosiery Manufacturers Association of India.
According to him, the industry body requested the Government to consider imposing excise duty for products priced (retail price) beyond Rs 500 as in footwear industry so as to reduce the burden on the common people.
Vinod Gupta, Managing Director, Dollar Industries Ltd, said the idea was to impose compulsory excise duty on branded textile products, but hosiery industry had been dragged under the net.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.