The fiscal incentives in the package, which is expected to cost the ex-chequer an estimated Rs 6,000 crore, include enhanced duty drawback coverage with refund of State levies not being compensated so far, additional funding under the Technology Upgradation Fund Scheme (TUFS) and enhanced scope of income tax exemption under Section 80JJAA of the Income Tax Act.
Browsing: Technology Upgradation Fund Scheme
The Amended Technology Upgradation Fund Scheme (A-TUFS), which has come as a breather to the crisis-ridden textile industry, is expected to spur investment to the tune of $15 billion.
Incorporated in 1993 by Naresh Bhandari, Bhandari Hosiery Exports Limited (BHEL) is a garment manufacturing company having vertical production facility to produce high-fashion knitted garments.
The Technology Upgradation Fund Scheme (TUFS), a flagship scheme of the Ministry of Textiles (MOT), was introduced in 1999
The technical textile industry has been registering an annual growth of 11 per cent, and it is expected to grow at about 20 per cent by 2017. The Union Ministry of Textiles has sought additional funds for the Technology Upgradation Fund Scheme (TUFS) in the current financial year, says Textile Commissioner Kiran Soni Gupta.
The Government of India has reduced the Central Excise Duty by 2 per cent on textile machinery besides increasing the allocation under the Technology Upgradation Fund Scheme (TUFS)