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Tamil Nadu
SIHMA disappointed over Pranab's statement
Staff Reporter
Tirupur: The South India Hosiery Manufacturers Association (SIHMA) has expressed disappointment over the announcement made by the Union Finance Minister Pranab Mukherjee giving excise duty relief to branded garment sector.
Mandatory
“We have been asking to abolish the mandatory excise duty levy of 10.3 per cent imposed on branded textile products meant for supply within the country and hence, the abatement on Maximum Retail Price (MRP), announced by the Finance Minister was not a relief rather only a correction of a wrong calculation made by his Ministry in the Budget proposal,” SIHMA president A C Eswaran told reporters here.
The concession stated that excise duty of 10.3 per cent would now be payable by the manufacturers on 45 per cent of the MRP value instead of on the 60 per cent of the MRP value.
Mr. Eswaran said that the entire hosiery sector in the country had been opposing the mandatory levy of excise duty only because of the operational difficulties to maintain the records considering the peculiar nomenclature of the sector.
“In the apparel manufacturing sector, entire production chain is not functioning under a single roof as job works were outsourced mostly making the upkeep of entries in the record books difficult,” he added.
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