Leslie Cheswyck
Joined: 31 May 2003
Location: University of Western Chile
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 Posted: Sat Jan 06, 2007 9:58 pm Post subject: Hurray! Tax Exemption For Indian Textile Industry |
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Cess Decides To Lift Cess On Readymade Garments
(RTTNews) - The Union Cabinet on Thursday decided to lift the Textiles Committee cess on readymade garments, fulfilling a long-pending demand of the industry.
The exemption of readymade garments from the Textiles Committee cess will rationalize cess and tax burden on readymade garments and improve their competitiveness in the global markets, Information and Broadcasting Minister, Priyaranjan Dasmunshi, said.
The cess, which comes to 0.05% of the production value of the textile industry, is used to fund the activities of the Textiles Committee.
The Cabinet also gave its nod to the Central Warehousing Corporation to form a subsidiary to develop rail side warehousing complexes and multi-modal logistics hubs. |
http://www.nasdaq.com/aspxcontent/NewsStory.aspx?cpath=20070105%5cACQRTT200701050037RTTRADERUSEQUITY_0026.htm& |
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