Tuesday, March 8, 2011

Import Duties Revised for textile sector.

Indian Govt has revised import duties for textile sector in the Union Budget 2011-12, mainly on raw materials. On brand items, duties have been raised. Below is the tax revision at glance;

Customs Duty:
Import duty on raw silk reduced from 30 to 5%
Import duty on Rayon Grade wood pulp (raw material for Viscose fiber) reduced from 5% to 2.5%.
Import duty on Acrylonitrile reduced from 5% to 2.5%.
Import duty on Caprolactam reduced from 10% to 7.5 %.
Import duty on Nylon Yarn and fiber reduced from 10% to 7.5%.
Import duty on Diphenylmethane 4, 4-di-isocyanate (MDI) and Polytetrametylene ether glycol (PT MEG) are being reduced from 7.5% to 5%
Import duty on cotton waste reduced from 10% to 0%

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