Service tax exemption on cards to cotton industry
Published on: June 12, 2009 at 17:25
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NEW DELHI: The government will consider providing fiscal relief to the cotton industry including service tax exemption and reducing interest rates on shipment credit in the Budget 2009-10, said the Textiles Minister Dayanidhi Maran.
Talking to reporters he said that the government would strive to rationalise fiscal structure, exempt service tax, reduce interest rates on pre- and post-shipment credit, and facilitate faster clearance of arrears of terminal excise duties and centra l sales tax.
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India's textile exports declined by about 2 per cent to $21.75 billion in 2008-09 as demand slumped in the US and EU, which account for over 60 per cent of overseas shipments.
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