P Nataraj, Chairman of the Southern India Mills’ Association (SIMA) has welcomed the increased allocation of Rs 7,148 crore that includes Rs 2,300 crore for Amended Technology Upgradation Fund (TUF) scheme and the balance for other schemes as against Rs 6,251 crore allocated during last year.
Browsing: Southern India Mills’ Association
Texfair 2017 in Coimbatore ended on an optimistic note with the textile industry looking forward to a happier 2018.
With more than 50,000 small, medium and large-scale industries and textile mills in an around Coimbatore and Tirupur, an event as big as Texfair, which focuses on textile machinery, accessories and spares, is a must for the Southern market of India. In its 11th edition, Texfair 2017, organised by the Southern India Mills’ Association (SIMA), provided a platform for the stakeholder to zero in their investments and expenses prudently, showcase their inventions and cost effective items and other products, enable the technocrats and shopfloor technicians to update their knowledge on the latest technology and create an awareness on cost cutting, to encourage micro, small and medium entrepreneurs also to showcase their products and get exposure to the market. Texfair 2017 was held from November 17-20, 2017 at Codissia Trade Fair Complex, Coimbatore.
Misfortunes have come in battalions for textile exporters ? firstly GST dilemma, then, hardening of rupee and now the axe on duty drawback rates. An exclusive ITJ Report throws some light on the issue.
In the GST regime, countervailing duty has been replaced with IGST and the special additional duty has been scrapped. Polyester attracted 10 per cent basic customs duty, 12.5 per cent CVD and 4 per cent special additional duty in pre-GST regime.
The man-made fibres (MMF) and yarns were slotted under 18 per cent GST rate while the fabrics were slotted under 5 per cent GST slab with a condition that no refund of Input Tax Credit would be allowed at fabric stage.
The 11th edition of the Textile Pinnacle (Texpin) by the Southern India Mills’ Association (SIMA) will focus on ‘Textile Industry-Towards 2020’.
The Union Textile Ministry has announced unique terms and conditions for procuring fully pressed cotton bales from Cotton Corporation of India (CCI) for the benefit of MSME textile units.