India Textile Machinery Association Proposes To Reduce Textile Machinery Consumption Tax
The India Textile Machinery Manufacturers Association (TMMA) recently proposed to the Minister of finance of India that the consumption tax of all textile machinery, all parts, components and fittings should be 8% instead of 10%.
Spin
Machinery imports should not be exempt from customs duties.
The India textile machinery association suggests shuttleless looms for special components.
parts
Import, compact ring spinning machines and winder (currently not yet produced in India) import should be zero tariff, to promote domestic high-tech machinery manufacturing, to bridge the technical gap; the minimum tariff of all textile machinery should be 7.5%, and the duty rate of raw materials, parts and textile machinery should be lower than that of the whole machine 7.5%.
proposal
The tax rate is 5%; in addition, India should prohibit the import of second-hand textile machines tax-free or restrict imports.
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