Financial Daily from THE HINDU group of publications
Monday, Jul 12, 2004
Financial Daily from THE HINDU group of publications Monday, Jul 12, 2004 |
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Industry & Economy
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Textiles TN powerloom body lauds move to dislodge cenvat G. Gurumurthy
Coimbatore , July 11 THE Powerloom Development and Export Promotion Council (PDEXCIL) Chaiman, Mr M. Senthil Kumar, has appreciated the Finance Minister's move to abolish the `cenvat' duty regime for the powerloom textile industry. He expressed the confidence that with the reintroduction of the optional duty scheme, the sector would be rejuvenated, which took a severe beating with the Cenvat duty imposed on unprocessed fabrics produced by the powerloom weavers. He also complimented the Finance Minister and the Minister of Textiles for heeding to the pleas of the powerloom sector that sought the withdrawal of the `cenvat' duty. The optional excise duty regime introduced to the pure cotton textile sector has rendered the process of excise duty regime `hassle-free', said Mr Venkatesh Sivaram, Managing Director of the Crocodile Products Pvt Ltd. The `cenvat' duty regime had made the working difficult for the textile manufacturers especially for the small weavers in the decentralised powerloom and garment manufacturers who may not have the wherewithal to manage excise accounts book-keeping.
More Stories on : Textiles | Taxation | Tamil Nadu
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