India Textile Machinery Manufacturers Association Proposes To Reduce Textile Machinery Consumption Tax

The India Textile Machinery Manufacturers Association (TMMA) recommends that all textile machinery, all parts, components and accessories be made available.

Among its many budget proposals, the association of textile machinery manufacturers suggested that imports of shuttleless looms and imported accessories, compact ring spinning machines and winder (which is not yet produced in India) should be zero tariff.

To promote high-tech machinery manufacturing, bridging the gap between technology.

The textile machinery manufacturers association also advised the Minister of finance that the minimum tariff for all textile machinery should be 7.5%, and that the duty rate of raw materials, components, components and fittings should be lower than that of the whole machine. It should be 5% instead of 7.5%.

The association also hopes that

We should prohibit the import of second-hand textile machinery or restrict imports, stipulate that the minimum life expectancy of second-hand machines is 10 years, and that additional conditions should be added, that is, second-hand machines can not be used for more than 5 years.

Imported second-hand textile machinery should not enjoy the subsidy of the technology renewal Fund Scheme (TUFS), and the derivative products of the plan, that is, 20% CLCS subsidy and 15% CLCS plan subsidy.

The time for technological change is 3-5 years, so the government should keep pace with the times.

The government should prohibit the import of second-hand shuttleless looms (the weft insertion rate is less than 700 meters per minute).

Any unit producing high-tech textile machinery or producing machinery without foreign cooperation shall be granted a tax exemption period of 5 years.

The Textile Machinery Manufacturers Association (TMMA) also proposed the introduction of a technical pformation fund plan specifically formulated for the India textile machinery industry.

In the twelfth five year plan, the fund should have an interest subsidy of 2 billion 500 million rupees. Similar principles should be formulated according to the existing technology reform fund plan.

The expansion and renewal of existing textile machinery manufacturing enterprises and the know-how of purchasing overseas countries should benefit from the technology pformation fund plan.

except