Online edition of India's National Newspaper
Friday, Jan 05, 2007
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Online edition of India's National Newspaper Friday, Jan 05, 2007 ePaper |
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Special Correspondent
NEW DELHI: The Union Cabinet on Thursday decided to abolish 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 rationalise cess and tax burden on readymade garments and improve their competitiveness in the global markets," Information and Broadcasting Minister Priyaranjan Dasmunsi told reporters after the Cabinet meeting. The exemption from the Textiles Committee cess was done under Sec. 5E of the Textiles Committee Act, 1963. The cess, which comes to 0.05 per cent 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 (CWC) to form a subsidiary to develop rail side warehousing complexes and multi-modal logistics hubs.
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