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COIMBATORE: THE Southern India Mills Association (SIMA) has said that the abolition of mandatory Cenvat chain and introduction of the optional excise duty regime for the cotton textile sector would offer a level-playing field and will address the concerns of different sectors within the industry.

Reacting to the Budget proposals, the Chairman of SIMA, Mr Vijay Venkataswamy, said the introduction of the Cenvat duty with exemptions had from the very beginning proved a revenue negative exercise and the SIMA had been pleading with the Government for an `unbroken Cenvat' chain without exemptions or alternatively sought for a `zero duty' regime.

The Finance Minister has now conceded that and at the same time, he had allowed the optional excise duty route with a four per cent excise duty rate for the pure cotton sector for those who had costly inputs.

More Stories on : Budget | Textiles | Tamil Nadu

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