India's CITI required man-made fiber consumption tax to be cut to 8% to boost growth

The Confederation of Textile Industries of India (CITI) on Tuesday asked the government to cut consumption tax on man-made fibers in its future budget, to 8%, to boost growth in the sector. In a budget memorandum to Treasury Secretary Khitanbalam, said: "Consumption taxes on man-made fibers and their raw materials may be cut from the current 12% to 8%." The Indian Textile Federation said that the reduction in excise duties on man-made fibers would not Affect the government's revenue loss. The Confederation of Textile Industries of India said that in China, the rising cost of production opened a huge opportunity for the man-made fiber sector in India to expand their market share. The Indian Federation of Textile Industries also seeks to repeal the lawsuit and special surcharges on man-made fibers as it will help industry buy fiber from the global market in less time or at a time of sharp domestic price increases. The Confederation of Textile Industries of India also demanded that the scope of exemption from tax increases be raised from the present 1 million rupees to 150 rupees. In addition, it also demanded that the labor tax rate be reduced from 12% to 10%, relieving the burden on the textile industry. India's Federation of Textile Industries also suggested changing the 12% mandatory tax burden on branded apparel and the 8% opt-in tax on finished product items. In order to promote the export of textiles, the Indian Textile Federation recommends that the Minister of Finance issue export credit to the textile sector. In April-September 2012, India's textile exports increased 5.9% YoY to reach 14.1 billion U.S. dollars due to the slowdown in major markets such as the United States and the European Union.

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