Industry & Economy
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Textiles
Textile industry for more I-T sops
Our Bureau
Coimbatore
,
March 3
THE textile industry, which has been provided with a host of concessions in the Budget, wants the Government to provide it with income-tax sops since it has been recognised as an engine of economic growth in the next few years.
It also wants the labour laws to be liberalised to permit employment of contract labour.
Speaking to presspersons here, Mr A. Sakthivel, Chairman of Apparel Export Promotion Council (AEPC), said the announcements regarding duty reduction on imported textile machinery, synthetic fibres, fabrics etc would help the industry accelerate the phase of modernisation and technology upgradation. The garment industry also stood to gain as the cost of imported fabrics used in re-export as garments would cost less.
The Government should permit the employment of labourers on contract basis.Any additional expenditure incurred on wages in a year compared to the previous year should be eligible for concessional tax treatment. As in the case of expenditure incurred in scientific research, where weighted deduction was available, for the textile sector after a particular threshold limit expenses incurred on wages should be provided tax relief.
Mr Sakthivel also lauded the proposal to form a Special Purpose Vehicle for infrastructure investment and raising the income limit for the levy of service tax which would remove a large number small service providers from the service tax net.
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