Draft India Fiber Policy Seeks To Eliminate Tax Difference Between Cotton And Man-Made Fibres
A senior official said the India textile Ministry will submit a draft national fiber policy to the cabinet of the government very soon.
cotton
and
Man-made fiber
The tax rate is at a level.
Rita Menon, Minister of textiles, said: "we will submit the draft to the cabinet very soon, but of course it will not be until next month". "Rita,"
stay
policy
In the draft, 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: "since future demand will be mainly based on man-made fiber based textiles, 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 global trends in fiber consumption may continue to tilt to artificial fibers, because the growth of global cotton production will be limited because of the limited land for planting cotton.
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