The Ministry Of Textiles Of India Submitted The Draft: Putting Cotton And Man-Made Fiber Tax Rates At A Level.
A senior official said that the Ministry of textiles of India will soon submit the national fiber policy to the government cabinet.
draft
The bill puts cotton and man-made fiber tax rates at a level.
Spin
Minister Rita Rita Menon said: "we will submit the draft to the cabinet very soon, but of course we have to wait until next month."
In the draft policy, the Ministry of textiles expressed concern about the historical differences in the tax rates of man-made fibres and cotton.
Although cotton is abolished of consumption tax, artificial fiber has a 8% tax burden.
This difference is more obvious in the value chain.
Artificial fiber textiles have a 8% tax burden, but cotton textiles have a 4% tax burden.
The open policy draft said that as long as reducing the consumption tax on man-made and man-made fiber textiles, it could have a positive impact on the consumption of man-made fibers.
The draft said: "in view of future demand, it will be based mainly on
Man-made fiber
Therefore, special attention should be paid to promoting the consumption and production of man-made fibres in India.
The textile industry in India is worth 63 billion dollars, and the proportion of man-made fiber consumption is 41%, while the proportion of cotton is 51%.
By comparison, the proportion of global man-made fiber to cotton consumption is 60:40.
The draft policy says that the trend of global fiber consumption may continue to tilt towards man-made fibers.
Because the limited growth of cotton land will limit the growth of global cotton production.
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