CUTS IN EXCISE WILL HELP TYRES ROLL, SAYS INDUSTRY

Article Abstract:

The tyre industry has asked for a reduction in the excise duty on tyres to 15 percent from 30 percent currently. The industry has asked for a reduction in the import duty on raw materials to 10 percent less than finished products. This is expected to encourage value addition within India. The industry, which reported a 4 percent growth in 1997-98 (7 percent in 1996-97), has attributed the low growth to the sluggishness in the automobile industry and subdued economic activities. It has asked for a reduction in excise duty on truck and bus tyres to 15 percent. The tyre producers have also asked the Indian Finance Ministry to waive off excise duty on tractor tyres. Now, imported nylon tyre cord attracts a duty of 52.25 percent, SBR 45 percent, PBR 45 percent, butyl rubber 45 percent and VP latex 45 percent while imported tyre attract a duty of 45 percent. (ag)

Comment:

India: Tire industry asks for reduction in excise duty on tires to 15% from current 30%

Tires, Tire Manufacturing (except Retreading)

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EXCISE DUTY CUT SOUGHT FOR COTTON, BLENDED YARNS

Article Abstract:

The Indian Cotton Mills Federation (ICMF) has sought reduction in excise duty on cotton/polyester blended yarns from 20.7 percent to 10 percent. Excise duty on other blended and man-made yarns must be reduced to 15 percent. ICMF has sought reduction in basic and additional excise duty in lieu of sales tax on fabrics. ICMF has suggested extension of Modvat credit to multi-locational units of composite mills, parity of treatment between organised and decentralised units by withdrawal of excise exemptions, inclusion of high speed diesel oil under Modvat scheme, reduction of excise duty on textile machinery from 13 to 10 percent, reduction in threshold from Rs20 lakh to Rs3 crore for duty-free import of textile machinery under EPCG scheme, immediate operationalisation of technology mission on cotton and need for adequate finance to textile units. (gsh)

Comment:

India: Indian Cotton Mills Fed seeks reduction in excise duty on cotton/polyester blended yarns from 20.7% to 10%

Yarn Spinning Mills, Combed Cotton Yarns, Combed yarns, Cotton yarns

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ELECTRONIC SECTOR URGES FM TO SLASH 18% EXCISE DUTY

Article Abstract:

The Electronic Components Industries Association (Elcina) has requested the government to reduce excise duty on electronic components to 5-8 percent from 18 percent now. This will eliminate the Rs1,100 crore grey market and help the industry. Elcina estimates that the revenue gains to the government at the suggested duty structure will be Rs598 crore. The revenue loss from reducing excise duty will be Rs90 crore giving a net revenue gain of Rs508 crore. (khr)

Comment:

India: Electronic Components Industries Assn requests govt to reduce excise duty on electronic components to 5-8% from 18%

Other Electrical Equipment and Component Manufacturing, Electronic Components

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