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5 per cent tax on technical textiles imposed by Gujarat

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5 per cent tax on technical textiles imposed by Gujarat

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As per Budget 2015-16, Government of Gujarat will impose 5 per cent tax on technical textiles. As a result of this, additional tax revenue of approximately Rs. 80 crore will be generated. Saurabh Patel, Finance Minister of Gujarat has said that for the manufacturing of technical textiles, artificial materials like plastic, nylon, resins, rubber, metal, etc. are used as raw material and there is significant value addition so it is necessary to bring this industry under the tax net. The Minister also proposed to give 5 per cent refund including additional tax on the cotton roving purchased for manufacturing of khadi cloth, garment and made ups by the Khadi Gram Udhyog Board approved institute.

Read More: Above 37 per cent RMG units are Grade-A, as per DIFE survey

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