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Polyester manufacturer Indo Rama Synthetics (India) Ltd (IRSL) has urged the Government to bring parity in the excise duty impost on man made fibres (MMF) and cotton/cotton fabric.
There is a need to reduce excise duty on MMF in the upcoming budget and it should be brought down from 12 per cent to 6 per cent if not zero, IRSL has said in a letter to Revenue Secretary Shaktikanta Das.
IRSL has suggested that excise duty on both cotton and MMF be kept at level of 6 per cent.
Any reduction of excise duty on MMF will also give boost to the growth of technical textiles where most of MMF is used, the company said.
IRSL has also called for an increase in customs duty on polyester fibre/filament to 10 per cent while seeking reduction in import duty on purified terephthalic acid (PTA) and monoethylene glycol (MEG) to ‘nil’ rate.
In India, the per capita consumption of MMF is around 3 kilograms while the world per capita consumption of MMF is 8 kilograms.
srivats.kr@thehindu.co.in
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