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Feb 20 2012

Industry seeks removal of excise duty on synthetic fibre

Industry seeks removal of excise duty on synthetic fibre

The textile industry is seeking the removal of a prevalent 10 per cent excise duty on the production of synthetic fibre. Industry apex body, the Confederation of Indian Textile Industries (CITI), has also said it would not mind the removal of the existing duty protection on imports if the present excise duty was removed. In fact, resultant competition from imported goods is welcome, according to D K Nair, secretary-general of CITI.

The confederation also wants the removal of the customs duty of nine per cent on import of synthetic fibres.