NEW DELHI: The govt has doubled import duty on over 50 textile products -- like jackets, suits and carpets -- to 20 per cent, a move that is geared toward promoting home manufacturing.
The Central Board of indirect Taxes and Custom (CBIC) overdue remaining night time notified checklist of textile products on which duties have been hiked to 20 per cent. It has additionally raised the ad-valorem charge of duty for positive items.
The imported products that have transform dear come with woven materials, clothes, trousers, suits and baby garments.
"The duties have been doubled on most of the textile products. It will help boost domestic manufacturing but least developed countries including Bangladesh would continue to enjoy duty free access to Indian markets," FIEO DG Ajay Sahai mentioned.
Experts mentioned as per WTO norms, India won't be able to present any further incentive to the textile sector and the federal government has higher the import duties in an effort to inspire home manufacturing.
EY Partner Abhishek Jain mentioned: "Aligned to the 'Make in India' initiative, the increased customs duty on import of a range of textile products should entail the domestic manufacturing of these products witnessing a growth".
The customs duty increases on positive completed textile products would lead to a price merit for Indian textile manufacturing and advance the 'make in India' philosophy, mentioned M S Mani, Partner, Deloitte India.
"Many foreign companies may now consider manufacturing in India to cater to the domestic demand as well," he added.
Imports of textile yarn, fabric, made-up articles grew through 8.58 per cent to $168.64 million in June.
However, exports of Cotton Yarn/Fabrics/made-ups, Handloom Products and many others. grew through 24 per cent to $986.2 million. Man-made Yarn/Fabrics/made-u.s.exports grew 8.45 per cent to $403.4 million. Exports of all textile ready made garments dipped through 12.3 per cent to $13.5 billion.
The Central Board of indirect Taxes and Custom (CBIC) overdue remaining night time notified checklist of textile products on which duties have been hiked to 20 per cent. It has additionally raised the ad-valorem charge of duty for positive items.
The imported products that have transform dear come with woven materials, clothes, trousers, suits and baby garments.
"The duties have been doubled on most of the textile products. It will help boost domestic manufacturing but least developed countries including Bangladesh would continue to enjoy duty free access to Indian markets," FIEO DG Ajay Sahai mentioned.
Experts mentioned as per WTO norms, India won't be able to present any further incentive to the textile sector and the federal government has higher the import duties in an effort to inspire home manufacturing.
EY Partner Abhishek Jain mentioned: "Aligned to the 'Make in India' initiative, the increased customs duty on import of a range of textile products should entail the domestic manufacturing of these products witnessing a growth".
The customs duty increases on positive completed textile products would lead to a price merit for Indian textile manufacturing and advance the 'make in India' philosophy, mentioned M S Mani, Partner, Deloitte India.
"Many foreign companies may now consider manufacturing in India to cater to the domestic demand as well," he added.
Imports of textile yarn, fabric, made-up articles grew through 8.58 per cent to $168.64 million in June.
However, exports of Cotton Yarn/Fabrics/made-ups, Handloom Products and many others. grew through 24 per cent to $986.2 million. Man-made Yarn/Fabrics/made-u.s.exports grew 8.45 per cent to $403.4 million. Exports of all textile ready made garments dipped through 12.3 per cent to $13.5 billion.
Government doubles import duty on over 50 textile products
![Government doubles import duty on over 50 textile products]()
Reviewed by Kailash
on
July 17, 2018
Rating:
